Tim Cook Steps Down as Apple CEO
Tim Cook stepped down as CEO of Apple on September 1, 2023, after leading the company for nearly 15 years, during which its stock rose over 2,700%, significantly outperforming the S&P 500. Under his leadership, Apple’s market capitalization increased dramatically, bolstered by approximately $879 billion spent on share repurchases, reducing the outstanding shares by 44.5% and enhancing earnings per share.
This monumental investment strategy, initiated in fiscal 2013, witnessed a doubling of annual buybacks following the Tax Cuts and Jobs Act of 2017, which lowered the corporate income tax rate significantly. This shift allowed profitable companies like Apple to retain more earnings, thus fueling its aggressive repurchase program.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
