Thursday, October 13, 2011

Time to Apologize to Apple's Board

By Eric Jackson10/13/11 - 02:37 PM EDT

NEW YORK (TheStreet) -- It's now been a week since Steve Jobs died. Tim Cook is nowApple's (AAPL_) CEO. Since Apple closed on Oct. 5 at $378, the stock is up 7.4% -- which is about 1.5% better than the Nasdaq. The company has announced its 4S version of the iPhone and rolled out its latest iOS 5.

Obviously, we won't know the true long-term ramifications of the loss of Steve Jobs to Apple for a long time -- maybe seven years. However, it's obvious that the company has managed the transition from Jobs to Cook rather successfully.
Shouldn't Apple's board of directors get some creditfor this successful transition?
A few months ago, there was a steady drumbeat of criticism directed toward the board from what Conrad Black would probably call the "corporate governance zealots." Readers know that I'm one of the bigger proponents of strong corporate governance. But I must admit, it's been puzzling to me some of the governance criticism directed to Apple in the last year. A few days ago, Reuters ran a story with the headline: "Apple's board needs to step up to new era." Here are some of quotes from several "experts" about how Apple's board needs to be changed in the wake of Jobs' death.

Read the full post on TheStreet

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