Outgoing CEO Tim Cook in September, Apple’s Market Cap Rose to 4,500 Trillion Won

[The Financial News] Yahoo Finance reported on the 20th that Tim Cook, who will step down as CEO of Apple Inc. on September 1, has made investors richer by boosting the company’s market capitalization to more than $4 trillion, or about 5,800 trillion won, during his tenure through the launch of new products including the Apple Watch, AirPods and MacBook Neo.
Cook, who was hired by cofounder Steve Jobs in 1998, became global sales director in 2002 and was promoted to chief operating officer in 2005.
He was appointed CEO in 2011, as Jobs’ health deteriorated.
Apple’s market value, which stood at $350 billion at the time, surpassed $4 trillion after the market closed on the 19th, marking a 1,000% increase.
Annual revenue, which was $108 billion in 2011, reached $416 billion last year. During Cook’s tenure as CEO, iPhone sales rose from $47.1 billion to $209.6 billion, or about 309 trillion won.
Cook also grew Apple’s services revenue to more than $100 billion, making it the company’s second-largest business after the iPhone.
Yahoo Finance said Cook improved performance by replacing Intel chips used in Mac products with Apple’s own chips, which also led to a much longer battery life and left rival products struggling.
The outlet predicted that Apple would unveil a foldable iPhone, its biggest change yet, in September shortly after Cook steps down.


jjyoon@fnnews.com Yoon Jae-jun Reporter