Admits 'Steve Jobs probably wouldn't have talked to me'
(Updated with Twitter comment on buyback cap) Investor Carl Icahn filed a shareholder proposal for an Apple stock buyback on November 26th, a new TIME interview reveals. Icahn has been trying to pressure Apple into expanding its current buyback from $60 billion to $150 billion, and having it take effect immediately, rather than run through 2015. In response to the interview, Apple has issued a statement. "As part of our regular review process, we are once again actively seeking our shareholders' input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate," a spokesperson says.
Letter to Cook confirms $2.5 billion in share holdings
Investor Carl Icahn has publicly released a letter he originally sent to Apple CEO Tim Cook in late October. The letter -- issued to shareholders overnight -- confirms that Icahn now owns roughly $2.5 billion in Apple stock, and continues pushing for expanding the company's share buyback program from $60 billion to $150 billion, while having it take effect immediately instead of running through 2015. Icahn claims that his plan could ultimately raise Apple's share price to as high as $1,250, which would make it more valuable than Google.
Investor quiet on progress of stock buyback agenda
Rich investor Carl Icahn has again spoken with Apple CEO Tim Cook, CNBC reports. Icahn tells the network that he had a "good conversation" with Cook in the past few days, and that both sides agree Apple stock is undervalued. The parties are also allegedly continuing to explore the possibility of an expanded share buyback program.
Rare political statement by Apple executive
In a Sunday editorial for the Wall Street Journal, Apple CEO Tim Cook asked US senators to pass the Employment Non-Discrimination Act in a cloture vote scheduled to take place on Monday. ENDA is meant to prevent businesses from discriminating based on gender or sexual orientation. Although the Act has the backing of President Obama and 59 senators, it's one senator short of the 60 needed to defeat any Republican filibuster attempt. That makes it critical for ENDA's backers to swing any moderate Republicans, if possible.
Option reserved in case Apple executives decline proposal
A shareholder proxy vote is an option if Apple executives don't go along with a $150 billion share buyback proposal, says Carl Icahn in a new CNBC interview. The investor -- who has met with Apple CEO Tim Cook on the matter, and sent an open letter -- states that he isn't "going away," and will continue pursuing an expanded buyback. Asked if he's interested in using a proxy vote, he says that "We'll test the waters and see if the shareholders want us to do it and want us to win."
Investor ups stake to $2.5 billion
As promised yesterday, influential investor Carl Icahn has published the contents of a letter sent to Apple CEO Tim Cook. The letter asks Apple to pursue an "immediate" $150 billion share buyback program, expanding on the $60 billion program the company is already engaged in. The latter is due to finish by the end of 2015, and has required Apple to go into debt despite tens of billions in cash reserves.
Contents to be shown tomorrow
Wealthy investor Carl Icahn has issued a letter to Apple CEO Tim Cook, a Twitter post confirms. Icahn states that the contents of the letter will be revealed tomorrow at a new website, the Shareholders' Square Table. A CNBC source says that letter continues Icahn's campaign for a larger share buyback program.
Deepens ties with China
Apple CEO Tim Cook has joined the advisory board of Tsinghua University's School of Economics and Management, according to the university's website. A mission statement indicates that the board holds annual meetings to "offer advice on the development of Tsinghua's SEM." Other high-profile members of the board include Foxconn CEO Terry Gou, Nokia chairman Risto Siilasmaa, Walmart CEO Michael Duke, and PepsiCo CEO Indra Nooyi.
Case pursued through small claims court
A California man, Mark Menacher, has filed a small-claims lawsuit against Apple CEO Tim Cook over an automatic update to iOS 7. The case is being handled through the San Diego County branch of California's Superior Court, and asks for a method to remove update files plus $50 in compensation. Automatic over-the-air downloads of iOS updates became an option with iOS 6; although people must give permission for an update to install, the associated file can't be removed if a person chooses to back out, consuming 1GB or more of free space.
Says current Apple chief is right in 'not trying to be Steve Jobs'
The man who was Steve Jobs' successor to the role of Apple CEO in the 80s says that current CEO Tim Cook is doing "a terrific job" in running the world's most valuable company, and expressed confidence that Apple would continue to do well because "Apple makes great quality products" which will continue to find a lucrative audience. John Sculley told CNBC Asia during a recent interview that he feels Cook has been in correct in "not trying to be Steve Jobs [because] only one person could be Steve Jobs, and that was Steve."
CEO asks for dedication to work
Apple CEO Tim Cook has issued an email memo to employees on the eve of the second anniversary of Steve Jobs' death, reports say. "Team," it begins. "Tomorrow marks the second anniversary of Steve’s death. I hope everyone will reflect on what he meant to all of us and to the world. Steve was an amazing human being and left the world a better place. I think of him often and find enormous strength in memories of his friendship, vision and leadership.
Pair were joined by CFO Peter Oppenheimer
Yesterday's meeting with Apple CEO Tim Cook was actually "a little testy," says investor Carl Icahn in a new CNBC interview. In a Twitter post today, Icahn had claimed that the meeting was "cordial." The pair are now said to have been joined by Apple CFO Peter Oppenheimer, and disputed whether or not shareholders should get involved in how Apple executives spend cash.
Talks to continue later this month
Carl Icahn pushed for an expanded, $150 billion Apple share buyback during his dinner with Tim Cook yesterday, according to a Twitter post by the influential investor. "Had a cordial dinner with Tim last night," Icahn wrote. "We pushed hard for a 150 billion buyback. We decided to continue dialogue in about three weeks."
Cook sends company wide e-mail
Earlier today Tim Cook sent an e-mail to Apple employees thanking them for their work in launching two new iPhone product lines and iOS 7. As a reward, everyone will be receiving extra paid time off for the upcoming Thanksgiving holidays. Apple will shut down on November 25, 26, and 27 giving employees an entire week off for the holiday. Some employees, such as Retail and AppleCare staff won't get the same days off, but will receive the additional time off at a later date.
Magnates to talk expanded Apple share buybacks
Apple CEO Tim Cook and influential investor Carl Icahn have set a September 30th date in New York City for their long-planned meeting, according to CNBC. The pair are expected to talk primarily about Icahn's push for an expanded buyback of Apple stocks. The company is already in the middle of a buyback plan that will cost it $60 billion by the end of 2015.
Shoppers find many models unavailable
Apple CEO Tim Cook made a surprise appearance this morning at the new Palo Alto Apple Store in California, accounts say. As some 200 or more people waited in line to buy new iPhones, Cook is said to have spoken with people in line and shook their hands. Palo Alto is roughly a 15-25 minute drive from Apple's headquarters in Cupertino.
Apple executives promote new iPhones
Apple CEO Tim Cook has shed light on the company's smartphone strategy and his own take on the competition, namely Google's Android OS. In an interview with Bloomberg, the executive dismisses the threat posed by the inevitable "junk part of the market" against the company's new iPhone 5s and 5c handsets that were introduced last week.
Cue sells, Cook withholds minimum tax requirements
Apple CEO Tim Cook and SVP of Internet Software and Services Eddy Cue exercised stock options last week, according to documents filed with the SEC, but only Cue actually sold shares -- while Cook opted to just withhold the minimum tax requirements, which worked out to just over $19 million. Cue sold roughly half of his latest stock grant, 24,580 shares for a net gain of $12.4 million.
Icahn pushes for greater profits
Investor Carl Icahn and Apple CEO Tim Cook will meet next month for a business dinner, according to the former's official Twitter feed. "Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude," he writes. Icahn met with Cook earlier this month, putting forward the idea that Apple should expand its buyback program. The company is already in the middle of spending $60 billion on buybacks through 2015.
Calls company 'extremely undervalued'
Billionaire investor Carl Icahn spoke with Apple CEO Tim Cook today, urging him to increase the company's share buybacks, reports note. The news first emerged from Icahn himself via Twitter; there he revealed not only the conversation, but that his firm has a "large position" in Apple, whose stock he feels is "extremely undervalued." Apple later confirmed the talk in a statement to the Wall Street Journal, but without mentioning Icahn's buyback agenda. Icahn says he plans to speak with Cook again "shortly."
Executives said to want new products fast
Apple's board of directors is allegedly upset with CEO Tim Cook over a lack of innovative products in recent times, according to sources cited by Fox Business News' Charlie Gasparino. Cook is reportedly safe in his position for now, but the board members are thought to be worried that Apple isn't keeping up with the momentum established under former CEO Steve Jobs. As a result, the board is allegedly putting pressure on Cook.
Representatives from tech firms and civil liberties groups come together
One of the "fathers of the Internet," Vint Cerf -- along with a cadre of representatives from tech companies, including Apple CEO Tim Cook and AT&T chief Randall Stephenson -- met with President Obama on Thursday in a closed-door meeting about government surveillance. This follows a similar meeting earlier in the week that included tech-industry lobbyists and civil liberties groups, including the ACLU and Electronic Privacy Information Center. The meetings are part of an effort by the administration to promote discussion and information about government surveillance programs.
Could hint at long-awaited iPhone deal
Apple CEO Tim Cook met with China Mobile chairman Xi Guohua in Beijing on Tuesday, the latter company tells Reuters. The subject of the executives' discussion is being kept secret, but the pair were likely in talks to bring a new iPhone and/or iPad to China Mobile. The company is the only major Chinese carrier without an Apple deal, although it has a number of unofficial iPhone users on its network.
Cook trip to China, Greenlight holdings may help buoy stock
Though both the S&P and Dow Jones averages rose little on Tuesday, Apple stock rose 1.2 percent to close at $453.32 -- the first time the stock has closed over $450 since mid-May, and on the heels of the revelation that Apple CEO Tim Cook is again in China, talking to current partners and possibly trying to break the logjam that has kept the iPhone out of China's largest carrier, China Mobile. This is Cook's third trip to China since becoming CEO, with all the trips centered on boosting iPhone sales in the region.
Cue is lead exec in hunt for content deals for Apple TV, stores
Adding to our earlier report of Apple CEO Tim Cook's second appearance at the Sun Valley retreat for technology and media bigwigs is photo confirmation that he has been joined on this trip by Senior Vice President of Internet Software and Services Eddy Cue. Cue was not expected to attend and his presence is a surprise, but logical given the attendees and Apple's desire to bring more content on board to its various offerings that Cue is largely in charge of, such as the various online iTunes Stores and the Apple TV. Cue's presence will also fuel more speculation about a rumored HDTV-based Apple product.
300 tech, media industry leaders gather for private confab
Tim Cook will be among the hundreds of industry leaders attending the annual Sun Valley conference in Idaho over four days beginning on Tuesday. Cook and Laureen Powell-Jobs, the widow of Apple co-founder Steve Jobs, attended the conference last year in a first-time move for both of them. The event comprises panels, discussions, presentations and networking amidst social events covering business, political and economic topics. The conference, run by investment bank Allen & Company, gives leaders from across an array of industries a chance to interact privately.
Voluntarily ties stock awards to company performance
Despite signs of a weakening stock market and a company stock that is less than $30 away from its 52-week low, a group of Apple senior executives -- including CEO Tim Cook -- opted to sell restricted stock unit (RSU) bonus awards they received two years ago that recently vested. On average, five of the six leaders grossed about $15 million, with Senior Vice President of Technologies Bob Mansfield selling less stock and gaining about $6 million for a grand total among the group of $86.45 million. In addition, Cook asked the board to tie his RSUs more closely to company performance.
Speech mentions 4K-compatible update for FCP X in progress
Apple has released a downloadable version of yesterday's WWDC keynote, headed by CEO Tim Cook and featuring many other Apple executives, as a standard-definition and HD (separate 720p and 1080p editions) podcast. The presentation, which featured a bit more humor than was recently seen following the death of former CEO Steve Jobs, also mentioned in passing a forthcoming update of Final Cut Pro X designed to work with next-gen 4K displays.
Over 6M registered developers, 1 million Apple store visitors per day
Apple CEO Tim Cook has started the keynote address at the currently-running 24th Worldwide Developer Conference by relaying some key statistics to the on-location and online audience. This year, there are 100 sessions, 120 labs, and 1,000 Apple engineers in attendance, but he warns those present "they're here to help, but don't ask them about future roadmaps."
Fuqua school series shows Cook as mature leader in Jobs' mould
In a posted series of short videos available on YouTube, the Fuqua School of Business at Duke University in North Carolina is presenting segments of an interview held with Apple CEO (and Duke graduate) Tim Cook. The talk, which was conducted in April, showcases Cook's southern-born style while echoing many of the sentiments held by his predecessor, Apple co-founder Steve Jobs. The videos, which are divided into single-response segments covering topics such as "collaboration" and "intuition," offer both insight and advice from Cook.
Tells Senators McCain, Levin Ireland is not a 'tax haven'
Michael Collins, the Irish ambassador to the US, has written a letter to US Senators Carl Levin (D-New York) and John McCain (R-Arizona) flatly denying the charge that Apple negotiated a "special deal" to get an exceptionally lower tax rate in the country for its European headquarters. McCain and Levin made the charge, which Collins calls "wrong and misleading," during testimony from Apple CEO Tim Cook about the company's strategic tax policies that allow it to reduce its US tax liability -- even though a Senate report said Apple's policies were fully legal.
Early reaction to new job for former EPA head is positive
Tim Cook's hiring of former EPA chief Lisa Jackson to be the new face of environmental responsibility at Apple has won praise from Greenpeace -- a group normally known for being critical of Apple's environmental policies -- and has been followed-up with a statement from Jackson herself on her new role at the Cupertino electronics giant, reports AppleInsider. Jackson told Politico via email -- written on her iPhone -- that she is "thrilled" to be joining the Apple team, while Greenpeace praised the hire as "a bold move."
Discussion covers iOS 7, wearable tech, environment
The Wall Street Journal has posted a complete video (below) of Apple CEO Tim Cook's talk at D11. During the discussion with journalists Walt Mossberg and Kara Swisher, Cook talked about a variety of topics, covering everything from the environment, iOS 7, and wearable devices to Apple TV sales. The video is an hour and 20 minutes long.
CEO dismisses Android customizability
Speaking at All Things D's D11 conference, Apple CEO Tim Cook has credited the company's senior vice president of industrial design, Jonathan Ive, with helping drive iOS development. Although Ive is better known for his work on physical hardware, Cook acknowledges that the designer has played a "key" role in the design process for iOS 7 by blending hardware, software and services.
Lisa Jackson to continue, build on Apple's eco-record
Among many other topics mentioned during CEO Tim Cook's talk at D11 today, one bit of genuine previously-unannounced news came out: Apple has hired the former head of the EPA, Lisa Jackson, to head up its environmental responsibility efforts. Jackson will report directly to Cook and will be overseeing the eco-friendly efforts of Apple's data centers and other initiatives "across the company."
Apple CEO put under microscope by WSJ's Swisher, Mossberg
Apple CEO Tim Cook took the stage Tuesday evening at the Wall Street Journal's D11 conference in Rancho Palos Verdes, California. Kicking off the conference, journalists Walt Mossberg and Kara Swisher interviewed Apple's chief after nearly two years on the job.
Documents Apple's defense against accusations of tax dodging
Apple has posted the opening statements two of its executives -- CEO Tim Cook (PDF) -- and CFO Peter Oppenheimer (PDF) -- made during their testimony in front of the US Senate earlier today. The documents don't reveal anything new, but do constitute a record of Apple's stance during the Senate hearing. "We pay all of the taxes we owe -- every single dollar. We not only comply with the laws, but we comply with the spirit of the laws," Cook's statement reads.
Complains about speed of court system
In a brief sidetrack during his Senate testimony today, Apple CEO Tim Cook voiced his opinion on US intellectual property law. Sen. Kelly Ayotte (R-NH) asked Cook about the IP benefits of running a company in the US versus other countries, but appears to have been surprised when Cook took a critical tone. "I actually think that we require much more work on IP in this country," he said.
Components to be sourced from US companies where possible
During his testimony before the Senate on Apple's tax strategies, CEO Tim Cook restated an earlier promise that a forthcoming Mac model -- not identified -- was going to be built in the United States, and further revealed that it would be assembled in Texas. While the exact site wasn't specified, Apple has established and is expanding an administrative campus in Austin, and manufacturing partner Foxconn has facilities in Houston.
Chairman believes Apple 'exploiting absurdity' of tax laws
During Tim Cook's appearance on Tuesday before the US Senate Permanent Subcommittee on Investigations (which is presently looking into the tax code), Chairman Carl Levin (D-Michigan) accused Apple of "exploiting an absurdity [in US tax laws] that we have not seen other corporations use," referring to a loophole he believes should be closed. Cook maintained that Apple pays US taxes on its US profits as it should.
'Apple does not funnel its domestic profits overseas'
Ahead of the Apple CEO's US Senate testimony, Tim Cook has replied to questions about politics and Apple's offshore tax practices in a new Politico interview. "We don't have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy," he says.
Apple, other companies accused of trying to avoid tax share
Apple will be the focus of a US Senate hearing next Tuesday, Politico says it has learned. The company's CEO, Tim Cook, is expected to testify in front of the Senate Permanent Subcommittee on Investigation regarding offshore tax practices. Other witnesses are also expected to speak, such as representatives from the Treasury Department and the IRS.
Winner of charity auction remains anonymous
A charity auction for a coffee meetup with Apple CEO Tim Cook has come to a close. The initial goal of the auction, supporting the Robert F. Kennedy Center for Justice and Human Rights, was to raise roughly $50,000. By the time bidding closed today however, the final bid was valued at $610,000.
Stolen credit card used to hike price even higher, retracted
A "coffee" with Apple CEO Tim Cook, an offer being bid on for charity fundraising, has been hit with credit card fraud. A previous high bid of $605,000 was retracted after it was discovered to have been placed using a credit card that turned out to be stolen. The site, Charitybuzz, said the issue came to their attention immediately was swiftly retracted, dropping the high bid back to $600,000. The Cook meeting is by far the highest-bid item in the auction.
Second major tech conference interview since becoming CEO
For the second year in a row, Apple CEO Tim Cook will be the featured interviewee on the opening night of the AllThingsD D11 conference, being held in San Francisco on May 28-30. Last year's interview with Cook, at the D10 conference, was his first formal interview at a third-party event not closed to investors. The opening-night spot is highly coveted and usually reserved for an extensive conversation. In his previous one-hour talk, Cook answered pointed questions on the patent system, Apple's legal fights and his relationship with former CEO Steve Jobs.
Executive shares business tips with alma mater
Apple CEO Tim Cook spent both Friday and Saturday this weekend at Duke University, accounts note. The executive sat down to talk as part of a "Real Conversations with Real Leaders" session at the Fuqua School of Business. Cook is said to have shared business advice with the audience in attendance at his alma mater.
Apple CEO meeting sets record for charity site
A chance to spend some one-on-one facetime with the CEO of the world's most influential and profitable technology company is worth a lot; far more than anyone expected, as it turns out. Apple head Tim Cook has offered a half-hour "coffee" at Apple headquarters to the winning bidder in a charity auction that was initially valued as being worth $50,000. As of 6:45PM ET on Friday -- with 18 days remaining in the bidding -- the bidding has reached $580,000 after 81 bids. The auction benefits the Robert F. Kennedy Center for Justice and Human Rights.
Winner must still pay for personal travel expenses
Apple CEO Tim Cook is offering a coffee meet with himself as the prize in a Charitybuzz auction for the RFK Center for Justice and Human Rights. The meet has been given an estimated value of $50,000, but includes a few stipulations, such as a one-hour time limit, a security screening, and the requirement that people rendezvous with Cook at Apple's Cupertino headquarters. People must also pay for any travel and accommodation costs involved in making it to Cupertino.
CEO claims iPhone 5 best screen
Apple CEO Tim Cook has shed fresh light on Apple's reluctance to build an iPhone with a larger display, while fueling speculation that such a device may be in the works. Answering an analyst question during the company's fiscal Q2 financial conference call, the executive claimed competitors have made sacrifices to resolution, white balance, color quality, screen longevity and portability in their drive to create ever-larger smartphones.
Apple notes growth above expectations, 138 percent iPad growth
Amidst generally positive numbers presented by Apple in its quarterly earnings conference call, Apple CEO Tim Cook and CFO Peter Oppenheimer presented some facts about the burgeoning smartphone market in China. When presented a question by an analyst questioning Apple's present and future success in China -- considering that it doesn't yet sell the iPhone on the largest carrier in the country -- Apple claimed to have its "best quarter ever" regionally.