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Apple board tells CEO Tim Cook to innovate quicker

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Apple CEO Tim Cook
Apple CEO Tim Cook

Apple CEO Tim Cook is facing growing pressure to bring new products to market, with the Apple board reportedly telling him to innovate quicker.

According to reports from the Fox Business Network, the Apple board has “concerns about the pace of innovation” within the company, with the pressure said to be “on Tim Cook to innovate and do something fast.”

Despite the iPhone 5, iPad 4 and iPad mini all continuing to dominate their respective markets, Apple is losing market share in a number of areas, with the likes of the Samsung Galaxy S4 and Google Nexus 7 eating into the company’s profits.

With Apple yet to launch a big name portable device this year, reports have now suggested that the Apple board is now leaning on CEO Tim Cook to hurry new products to market. Although currently nothing more than rumours, it is expected that the arrival of the heavily mooted Apple iWatch or Apple iTV could help revive the board’s faith in the company leader.

“What have they had lately? They had the iPad, they had a few other things, but that don’t have anything innovating on what came from Steve Jobs and that concern is manifesting into pressure on Tim Cook,” the FBN’s Charlie Gasparino stated.

Already concerns are being raised about the company’s current rate of innovation, it is not believed that Cook’s job is on the line just yet.

“This does not mean that Tim Cook is out of a job or that there is a job search out there,” Gasparino added. “But the board is now worried about what’s in the pipeline.”

Discussing the questions being posed to Cook by the Apple board, Gasparino stated: “Do they have the right stuff in the pipeline? Do they have innovative stuff in the pipeline? Do they have stuff to keep the momentum going that Jobs started?”

With the iPhone 5S widely expected to be unveiled alongside a budget iPhone this September, Apple looks set to add to rather that revolutionise its smartphone offerings in 2013. Similarly, the iPad 5 and iPad mini 2 expected to hit retailers before the year’s end are believed to be minor improvements on past models.

With the Apple board made up of a high-profile collection of business executives and other well-known names such as former presidential candidate Al Gore, it has been stated that the company’s share prices are another area of concern.

Despite having recovered from a severe trough in recent month, the FBN has stated that Apple’s board is looking at its profit margins from the standpoint that “the stock price is down 35 per cent on its all-time high.”

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