False rumor of Tim Cook leaving for HP sent Apple shares reeling

Tue, Sep 28, 2010


It’s no secret that Steve Jobs considers COO Tim Cook an integral part of Apple’s success. Jobs has previously expressed concern during legal depositions that other companies would try and lure Cook away. Moreover, it’s quite telling that Jobs, on two separate occasions, chose Cook to take on day-to-day CEO duties while Jobs tended to personal medical issues.

And if you needed any proof as to how important investors feel about Cook’s value to Apple, then today’s fluctuation in Apple’s share price was quite telling. Earlier today, Business Insider floated a rumor suggesting that HP was looking to bring in Tim Cook to take on the position of CEO, since vacant after the board let go of Mark Hurd.

As a direct result of this rumor, Apple’s share price plunged an astounding 20 points at the opening bell. But as you might expect, it turns out that this rumor was completely pulled out of thin air. In the wake of the story, Cook personally addressed the rumor and emphasized that he loves working at Apple and has no plans of going anywhere.

via Barrons



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