The most valuable public company in the world, technology giant Apple Inc (NASDAQ:AAPL) has evolved through several different CEOs and product releases. One of the company's key transition periods began 12 years ago today.
What Happened: On Aug. 24, 2011, Apple co-founder Steve Jobs announced he was stepping down from the company. Tim Cook, who was previously the chief operating officer, was named the new CEO and took over from Jobs, who had served as CEO from 1997 to 2011.
While the CEO of the company, Jobs helped usher in an era of product innovation that included iTunes, App Store, iPad and the iPhone.
Jobs recommended that Apple make Cook the company's next CEO, a suggestion that was approved by the company's Board of Directors.
Jobs passed away two months later from complications related to pancreatic cancer.
Facing difficult odds of following the legacy of Jobs, Cook has helped steer Apple to new heights, growing its services business and continuing to dominate existing product lines. Cook also helped the company grow in new segments such as streaming, Airpods, the Apple Watch and the company's M1 chip.
Under Cook's leadership, Apple became the first $2 trillion and the first $3 trillion public company.
While investors and analysts were skeptical of Cook leading the company, shareholders have been pleasantly rewarded.
Related Link: Tim Cook Runs Apple But Once Got Denied For The Apple Card: Here's The Bizarre Story
Investing $1,000 in Apple Stock: Apple shares traded at $373.52 on Aug. 23, 2011, Jobs' last day leading the company.
A $1,000 investment at the time of Cook taking over could have purchased 2.68 shares of Apple.
Apple has held two stock splits during Cook's time leading the company. Shares split 7-for-1 in June 2014 and 4-for-1 in August 2020. The splits would have turned the 2.68 shares into 75.04 shares.
The $1,000 investment would be worth $13,234.05 today based on a share price of $176.36 for Apple at the time of writing, not including dividends.
A $1,000 investment in Apple under Cook's leadership as CEO would be up 1,223.4% over the course of 12 years.
With Cook at the helm as CEO, Apple has been among the best-performing stocks, surpassing the S&P 500. A $1,000 investment in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, would be worth $4,705.31 over the same time period. This represents a return of 370.5%.
Read Next: Report Card: How Did Tim Cook Perform As Apple CEO In His First 10 Years
Photo: Shutterstock