Report: Apple CEO Tim Cook On Hot Seat3:24 PM EST Mon. Apr. 22, 2013
Apple's board of directors may be looking to a replace CEO Tim Cook, according to a Forbes report.
Forbes reported Monday that Wall Street sources close to Apple executives say the board is considering replacements for Cook, who took over as chief executive of Apple shortly before former CEO and co-founder Steve Jobs passed away in the fall of 2011.
Cook, a longtime Apple executive with sales and operational experience at the company, served as interim CEO during two stints when Jobs took medical-related leaves from Apple.
[Related: Cook Tackles Five Hot Questions Facing Apple]
While Apple's stock price hit an all-time high last year and reported record revenue behind its iPhone and iPad mobile devices, the company has stumbled a bit recently as iPhone sales -- particularly those of the new iPhone 5 model -- have underwhelmed analysts amid increased competition from Android smartphones.
In addition to slowing iPhone sales, Apple last quarter reported flat earnings and results that fell short of Wall Street's expectations Apple is scheduled to announce its second quarter 2013 earnings Tuesday.
As a result, Apple's stock has tumbled more than 40 percent since hitting $702 last September. Apple is currently trading at approximately $398 a share, and the market capitalization loss of nearly $300 billion in shareholder value has left investors worried about the future of Apple.
But does the drop in stock value mean that Apple is losing its dominance? Pam Lefkowitz, president of Core Computing in Evanston, Ill., doesn't think so. An authorized Apple Consultants Network partner, Core Computing isn't experiencing a fall in demand for Apple products or related services.
"I'm just not seeing a downturn in my business at all," Lefkowitz said. "I'm surprised that so many people see a change in market cap and respond to it as horrible news. It doesn't mean the products that were great two weeks ago aren't great now."
PUBLISHED APRIL 22, 2013