Apple CEO Tim Cook's net worth has climbed to over $ 1 billion, according to calculations by Bloomberg's Billionaires Index.
Cook graduated from Auburn University in Alabama with a bachelor's degree in industrial engineering in 1982, and in 1988 he received a master's in business administration from Duke University in Durham, North Carolina. He worked for the computer manufacturer International Business Machines Corporation (IBM) from 1982 to 1994, with his final position being director of North American fulfillment. He was subsequently chief operating officer of the reseller division at the computer retailer Intelligent Electronics, Inc. (1994–97), and vice president of corporate materials at the computer manufacturer Compaq Computer Corporation (1997).
Apple was on the verge of collapse when founder Steve Jobs rejoined the company in 1997. Cook joined Apple shortly thereafter in 1998 as senior vice president of worldwide operations. The visionary Jobs and new products such as the iMac, the iPod, and the iPhone received much of the media attention during Apple’s turnaround, but Cook’s successful streamlining of the company’s supply chain and operations were equally critical. Cook moved the manufacture of Apple products away from its own factories to outside contractors. He characterized inventory as “fundamentally evil” and compared Apple to a dairy, in that products should be sold while they were fresh. He reduced the time in which Apple’s inventory turned over from months to days. With its sought-after products and efficient supply chain, Apple was in the enviable position of setting prices high while keeping costs low.
In 2000 Cook became senior vice president of worldwide operations, sales, and support, and two years later he became executive vice president of worldwide operations and sales. He was interim CEO and chief of the Macintosh division in 2004 while Jobs took a leave of absence for surgery to treat pancreatic cancer. After Jobs returned to Apple, Cook became chief operating officer in 2005.
In January 2009 Jobs took a leave of absence through the end of June in order to recover his health and announced that Cook would be interim CEO. Two months before Jobs’s death in October 2011, he resigned as CEO and was succeeded by Cook. Within months, Apple's stock price nearly doubled, and sales remained strong. However, the company’s public image was affected by stories of poor working conditions at Foxconn, the Chinese manufacturer that made many of Apple’s products. During the early months of his tenure, when Apple introduced no all-new products, opinion was divided in the business and technology communities about whether the skilled manager Cook would prove as successful as the charismatic leader Jobs in continuing Apple's tradition of innovation.