Apple by Sara Gilbert

By Sara Gilbert

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Extra resources for Apple

Sample text

That intensity would be a hallmark of his tenure as CEO as well. When Spindler took over in 1993, Apple’s global market share was rivaled only by PC maker IBM, and it was the most profitable computer company worldwide. But Spindler believed that Apple needed to reorganize in order to maintain its position at the top. He eliminated 2,500 jobs, slashed the research and development budget, and canned several projects. Those changes helped bring about four consecutive quarters of strong growth. They also helped make the company more attractive for a potential merger with a larger company, which would give Apple more financial backing.

Jobs’s responsibilities soon changed. On July 6, board member Edgar S. Woolard Jr. called Amelio at home and asked him to step down. Few people t h e s t o r y o f a p p l e Caption for this Classrooms represented photograph an enticing sets here market for Apple and other computer companies in the early 1990s a p p l e b u i l t f o r s u c c e s s page 34 back on the jobs were surprised when Jobs was then asked to fill the vacant CEO role. Although he didn’t accept the title, Jobs agreed to increase his involvement in the company until a new CEO was found.

For several minutes. Apple’s board rewarded Jobs, who had taken no compensation while serving as interim CEO, with stock options for 10 million shares, which were worth $872 million at the time, and a Gulfstream V airplane that cost almost $88 million. “We are delighted to give him this airplane in appreciation of the great job he has done for our shareholders during this period,” explained board member Edgar Woolard. The economic downturn that began in 2000 led to a slump for Apple and the technology industry in general.

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