Wednesday, February 21, 2024
CEOWORLD magazine - Latest - Success and Leadership - The stakes are high for Apple CEO Tim Cook.

Success and Leadership

The stakes are high for Apple CEO Tim Cook.

Apple Inc. has consistently redefined consumer technology throughout its history. During the upcoming June Worldwide Developers Conference (WWDC), Apple Chief Executive Officer Tim Cook is anticipated to reveal the much-awaited specifications of its mixed reality headset. This innovative device is designed to provide users with both virtual and augmented reality experiences.

Initially, it seems that Apple’s headset will not cater to the masses. According to Bloomberg News reports, it will cost $3,000, which is almost seven times more than Meta Platforms Inc.’s Quest 2, the most popular VR headset with 18 million units sold to date.

The upcoming device is anticipated to have numerous applications that are currently available on Macs and iPhones. These include Messages, Books, Cameras, FaceTime, Mail, Music, and Safari, among others. Essentially, Apple is aiming to create a revolutionary headset that possesses all the features of a smartphone, much like the groundbreaking release of the iPhone. The device is designed to operate using the new xrOS operating system.

Many individuals widely recognize Steve Jobs’ exceptional qualities. Some have criticized the current CEO for not presenting his own innovative ideas. A proficient supply chain specialist, Tim Cook has skillfully expanded upon Apple’s previous successes. It appears that Tim Cook may finally be introducing an innovation.

There is a lot at stake. Tim Cook is anticipating the launch of a highly-anticipated product that could be one of his final significant moves as Apple’s CEO. The success of this product will have a significant impact on his legacy, either by adding another major accomplishment to his record or highlighting the notion that the company’s most significant successes were initiated by his predecessor, Apple co-founder Steve Jobs.

The Competitive Field

  • HTC VIVE XR ELITE ($1,099; Date released – March 2023): The virtual reality headset from HTC can function independently or be linked to a PC. Additionally, it incorporates pass-through video technology to merge the real and virtual environments seamlessly.
  • PlayStation VR2 ($550; Date released – Feb. 2023): The Sony headset is specifically designed to be compatible with the PS5 console. It can be connected to the device using a cord that is long enough to allow for movement around the living room.
  • META QUEST PRO ($1,000; Date released – Oct. 2022): A self-contained device that allows users to access the company’s metaverse. Meta has recently lowered the price of the headset, just a few months after its initial release.
  • MAGIC LEAP 2 ($3,299; Date released – Sept. 2022): The new version of the Magic Leap headset is now geared towards serving the needs of business clients, as the first model didn’t quite resonate with the general public.
  • MICROSOFT HOLOLENS 2 ($3,500; Date released – Nov. 2019): Microsoft, one of the pioneers of AR technology, has recently downsized its HoloLens project. The company faced setbacks after a major military contract fell through, and there have been no new releases for several years.
  • STEAM VALVE INDEX ($749; Date released – June 2019): If you’re looking for a VR headset that’s specifically designed for gaming, the Steam VR headset might be a great choice for you. It boasts specialized controllers and top-of-the-line audio, but keep in mind that it does require a PC to operate.

How Apple Makes Its Money: The majority of the company’s income comes from the iPhone, Mac, and iPad product lines, which were originally conceptualized during Steve Jobs’ tenure at Apple. Apple Inc. (AAPL) posted a net income of $99.8 billion on revenue of $394.3 billion for its 2022 fiscal year (FY), which ended Sept. 24, 2022.

  • iPhone: $205.5 billion
  • Mac: $40.2 billion
  • iPad: $29.3 billion
  • Wearables, home, accessories: $41.2 billion
  • Services: $78.1 billion

It seems that Microsoft has shifted its focus from developing its augmented reality headset, Hololens, and is now prioritizing artificial intelligence – a technology that has been the talk of the town. In contrast, Apple appears to have less interest in this area.

It’s been quite some time since Microsoft was considered the more thrilling company, with the last instance being in the 1990s. However, the current situation has brought us to that point. One can only imagine what Steve Jobs would have thought about this.

CEO’s compensation: Tim Cook, the chief executive officer of Apple Inc. since 2011.
Cook compensation: $99.4 million/ +0.7%
Median employee compensation: $84,493
Cook pay ratio to median employee: 1,177

One might argue that Apple, currently the most valuable company on Earth with a market cap of approximately $2.6 trillion as of March 2023, should generously compensate its top executive. In fiscal year 2022, Cook received a compensation package of nearly $100 million, which was similar to the previous year’s earnings. Tim Cook was recently ranked No. 4 in a list of the world’s best CEOs for 2023; meanwhile, Apple Inc. ranked No. 3 in the CEOWORLD magazine’s ranking of the most influential companies in the world.

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CEOWORLD magazine - Latest - Success and Leadership - The stakes are high for Apple CEO Tim Cook.
Prof. Dr. Amarendra Bhushan Dhiraj
Prof. Dr. Amarendra Bhushan Dhiraj is a publishing executive and economist who is the CEO and editor-in-chief of The CEOWORLD magazine, one of the world’s most influential and recognized global news publications. Additionally, he serves as the chair of the advisory board for the CEOWORLD magazine. He received his Ph.D. in Finance and Banking from the European Global School, Paris, France. He earned his Doctoral Degree in Chartered Accountancy from the European International University Paris, France, and a Doctorate in Business Administration from Kyiv National University of Technologies and Design (KNUTD), Ukraine. Dr. Amarendra also holds a Master of Business Administration degree in International Relations and Affairs from the American University of Athens, Alabama, United States.

Prof. Dr. Amarendra Bhushan Dhiraj is CEO and editor-in-chief of CEOWORLD magazine. You can follow him on LinkedIn, Facebook, Twitter.