Apple Computer chief Amelio is ousted; co-founder Jobs to assume broader role as search for a successor begins
Article Abstract:
Apple Computer has announced the resignation of its CEO, Gilbert F. Amelio. Steven Jobs, Apple's co-founder is expected to assume more responsibility in the day-to-day running of the company but to what extend is unclear at this point. Amelio has received criticism from the computer industry, as well as from Apple's board and company executives for failing to move failing to move fast enough in bringing the company back to a point of profitability. Amelio is the third Apple CEO to be ousted by the company since 1993. He was recruited in Feb of 1996 after he claimed that the company's problems were fixable. Amelio's employment contract with Apple indicates he will receive payments equal to his base salary had he remained with the company for the whole of his five year contract as a severance package.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1997
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Apple's Amelio defends his performance
Article Abstract:
Gilbert F. Amelio has announced his resignation as Apple's Chmn and CEO after 17 months of leadership. Amelio chose to resign after speaking with the company's directors who had concluded that Apple required more dynamic leadership. Amelio contends that he did a solid job at the company, in spite of the slide in market share, stock price and company earnings. Industry executives view Amelio's optimistic prognosis for the future of the company as proof that he was out of touch with Apple's problems. Apple's share fell when Amelio's resignation was announced, reaching $13.25 a drop of 43.75 cents. According to an Apple spokes person, Amelio will receive approximately $7 million dollars in a severance package, according to the terms of his employment contract.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
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