In a lengthy 10,000 word interview with The Washington Post, Apple Inc. (NASDAQ:AAPL) chief executive Tim Cook reflected on his five-year long (and counting) tenure as the commander in chief. While discussing what it has been like to run the world’s most valuable company, he talked about his challenges both at personal and professional level. According to him, it is a pretty lonely job.
It has been nearly five years since Mr. Cook was passed the torch from his predecessor, mentor, and the tech industry martyr, Steve Jobs to lead Apple. Mr. Cook was appointed as the new CEO at the tech giant on August 24, 2011. In the latest interview, he talked about his experiences ever since. The Apple chief executive opened up about seeking advice from people such as Anderson Cooper and Warren Buffet, his mistakes, and naturally the future of Apple. He was, however, careful to not disclose too much about the company’s plans.
Mr. Cook didn’t give any spoilers on Apple’s car, neither did he get into any details of the declining Mac lineup, but he did highlight the company’s efforts for augmented reality (AR) technologies that he believes are quite crucial in this day and age. He said that the company is now spending huge sums on general research and development as it invests in the future. He discussed the substantial increase in the workforce ever since he took charge and how the revenue is roughly four times the size it was in 2010.
Under Mr. Cook, the iPhone lineup broadened as Apple came out with its first budget smartphone, the iPhone 5c with more to follow. He believes this was an important decision, and is turning out to be a good one. The company also came out with its first smartwear product, the Apple Watch, which he says improved the company’s financial health. He also addressed his experience with Maps and identified it as one of the biggest failures of his tenure. He also called the recruitment of John Browett (former Dixons boss) as the retail chief four years ago a “screw-up.”
Furthermore, Mr. Cook discussed Apple’s approach regarding social and environmental issues. He claimed that the company has been working on environmental projects for decades with the aim to unveil them to the public once perfect. He also addressed the San Bernardino iPhone case that recently led to a dispute between Apple and the FBI. The iPhone maker spent quite some time working on how to unlock the shooter’s iPhone and after discovering the solution, Mr. Cook decided against it with fears of the exploit being used again in the future for malicious purposes.
He talked about the $3 billion acquisition of Beats Electronics, which was mainly targeted at the music streaming platform. According to Mr. Cook, Apple doesn’t buy companies for their revenue, but for their intellectual property and/or talent. Evidently, acquiring Beats made it possible for Apple to launch Apple Music sooner-than-expected, and it seems to be doing quite well in the music streaming industry as it is number two to Spotify. He also said that Apple would make original content and shows such as Beats 1 and Planet of the Apps only if it serves a catalyst to push apps into the future of TV.
Mr. Cook seemed determined on clearing Apple’s status regarding alleged tax evasive practices in Europe. He claimed that the company didn’t receive any special treatment in Ireland. The European Union has launched a probe to examine in detail the terms of a deal inked in 1991 when Apple opened its establishment in the country. In 2014, the tech giant used an Irish-registered tax haven to book nearly two-thirds of its total profits; the EU is looking into such practices with the aim to squeeze out some money.
Regarding Apple’s future, Mr. Cook denied the suggestion that his company is lagging behind tech companies such as Google, Facebook, and Amazon in the space of Artificial Intelligence. He says that Siri – the AI powered personal assistant – is always with users and Apple has made it smarter and is working to keep up the momentum.
The Silicon Valley celebrity discussed how he sometimes contacts other high profile figures for advice. Prior to testifying before Congress, he spoke to someone who had been through something similar, that is Goldman Sachs CEO, Lloyd Blankfein. For questions about cash returns to shareholders, he contacted Warren Buffet and when he wanted to come out in front of the public with his sexuality, he contacted CNN’s Anderson Cooper.
No one has any idea about how long Mr. Cook’s reign at Apple would last, but the logistics expert is expected to keep the business going at least for the next couple of years. Only time will tell what Apple has actually planned for the future, both technology and finances wise.