“Jony had a special status. He would come by our house, and our families became close. Steve is never intentionally wounding to him. Most people in Steve’s life are replaceable. But not Jony.” — Laurene Powell Jobs Steve Jobs walked
“The decision to disrupt businesses that are fundamentally working but whose future is in question—intentionally taking on short-term losses in the hope of generating long-term growth—requires no small amount of courage.” — Robert Iger The risk of potential disruption strikes
In a letter to Apple employees released Monday morning, Steve Jobs informed his team that health issues have forced him to take a leave of absence from his day-to-day duties as CEO of the company. Tim Cook, who capably managed Apple (AAPL) in 2009 when Mr. Jobs had a lengthy medical absence, will again assume responsibility for day-to-day operations. Mr. Jobs will remain involved in “strategic decisions” for the company. No time frame was given for Mr. Jobs to return on a full time basis. This has revived a long running controversy regarding CEO succession at Apple. Read this article for more details.
Has the tipping point been reached in the transition from printed hardcover books to e-books? It appears that this might be the case based on statistics released by Amazon.com in a press release today. According to the company, for every 100 hardcover books sold over the past month, 183 Kindle books were sold. This does not include free Kindle books but does include sales of hardcovers where there is no Kindle book equivalent.
Apple has overtaken Microsoft to claim the number two spot in the ranking of American companies as measured by market capitalization. At $222 billion, Apple only trails Exxon Mobil which has a $279 billion market cap. Microsoft’s market capitalization fell today to $219 billion. What does this mean and are there any lessons that investors can learn by Apple’s amazing rise over the past decade? Read this article for more details.