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On the anniversary of Jobs' resignation we examine Apple CEO Tim Cook's first year

Karen Haslam | Aug. 27, 2012
On August 24 2011, Apple’s late CEO Steve Jobs resigned.

Tim Cook: A popular and generous CEO

It would seem that Cook is doing a good job in the eyes of Apple employees. In a poll of investors, the majority vote, a strong 78 per cent, believe the new Apple chief is performing excellently.

As for staff, Cook is more popular than Jobs at Apple. Cook got a 97 percent approval rating from Apple's workforce, according to a survey conducted by job search site Glassdoor.com. In comparison, Paul Jacobs, of Qualcomm (95 percent); Larry Page, of Google (94 percent); Paul Otellini, of Intel (90 percent); Pierre Nanteme, of Accenture (91 percent); and Paul Mantz, of VMware (90 percent). Steve Jobs had 97 percent at the time he resigned, but 95 percent before that.

Apple employees have good reason to be happy: Apple Store staff have received pay rises and promises of Mac and iPad discounts. Cook even gave the company's entire staff some extra time off over Thanksgiving. "In recognition of the hard work you've put in this year, we're going to take some extra time off for Thanksgiving. We will shut down with pay on November 21, 22 and 23 so our teams can spend the entire week with their families and friends," he told staff.

And it's not only Apple staff who are benefiting from Cook's generosity, the CEO has told Apple's employees that they can get charitable donations matched up to the value of $10,000 per year. "Starting September 15, when you give money to a non-profit 501(c)(3) organization, Apple will match your gift dollar-for-dollar, up to $10,000 annually," he said. Apple's Jobs was 'happy' about Tim Cook's passion for charity, an area Jobs wasn't particularly known for.

Cook's generosity is also exemplified by his decision to award Apple employees who hold restricted stock (RSU) dividend equivalent payments back in May. Most interesting was Cook's decision to decline the dividend payout that would have let him take $75 million in dividend payments.

Tim Cook: The investor's CEO

Just looking at the amazing rise of Apple's share price over the past year it's easy to see that investors are still confident in Apple post-Jobs. It seems that Cook has greater respect for his investors than Jobs did, ensuring that he attends Financial results conference calls and shareholder meetings, something that Jobs didn't always do.

One indication that he values investors is Cook's decision to pay a dividend to shareholders. "So we are going to initiate a dividend and share repurchase program. We have thought very deeply and very carefully about our cash balance", said Cook in a conference call where he discusseddividend payments and share repurchase initiatives. "We plan to initiate a quarterly dividend of $2.65 per share beginning in the September quarter. A quarterly dividend will provide current income to our shareholders, and we also believe it will broaden Apple's investor base by attracting new investors who don't currently own Apple stock."

 

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