Report: Apple board concerned about innovation pace


The Apple Inc. logo is seen in the lobby of New York City's flagship Apple store in this January 18, 2011 file photo. (Mike Segar/REUTERS)
August 9, 2013

A Fox Business Network report has set off a wave of chatter that Apple’s board of directors is starting to have concerns about the company’s pace of innovation.

Apple did not immediately respond to a request for comment. But the question of whether the company is innovating quickly enough should be familiar to Apple watchers by this point.

The company has actually addressed this question head-on on many occasions, most notably when Apple’s head of global marketing Phil Schiller dismissed the thought with a salty one-liner during a presentation in June. Apple chief executive Tim Cook has also downplayed concerns about slowing innovation at Apple, saying that the company has products planned for this fall.

A new iPad and iPhone are expected in the coming months, in keeping with Apple’s most recent release schedule. There is also strong speculation, in part based off of Cook’s comments at the All Things Digital conference in May, that Apple may also be looking at developing a smartwatch.

The company has not confirmed any of those devices are in development.

Fox Business reporter Charlie Gasparino was careful to stress that his sources — whom he called “solid” — indicated that Apple board members were still very supporting of Cook and that there have been no discussions about replacing him any time soon. Some past reports had stirred rumors that Cook was on shaky ground, but were definitively shot down by analysts and Apple insiders.

Apple’s stock hit an all-time high last fall, but has since taken a bumpy ride. As of Friday, the stock was trading at $455.72 per share — around 36 percent down from the company’s September high of $705.07.

Hayley Tsukayama covers consumer technology for The Washington Post.
Comments
Show Comments

Sign up for Today's Headlines

Start every morning with the most important stories.

Most Read Business