Larry Ellison and Steve Jobs once devised a plan to rescue Apple Inc. and reinstate Jobs as CEO during the company’s challenging times.
What Happened: In a 2016 commencement speech at USC, Ellison, who co-founded Oracle Corporation, recounted a pivotal conversation with Jobs in 1995.
At the time, Apple was struggling, and Ellison proposed buying the company to make Jobs CEO.
“My idea was simple, buy Apple, and immediately make Steve CEO. Apple wasn’t worth much back then, about $5 billion dollars,” he stated, adding, “We both had really good credit and I had already arranged to borrow all of the money. All Steve had to do was say yes.”
However, Jobs suggested a more indirect approach: persuading Apple to acquire NeXT, his company, and then gradually taking a leadership role.
Ellison shared that Jobs was not motivated by financial gain, and pointed out the importance of standing on “moral high ground.”
Despite Ellison’s initial reluctance, he supported Jobs’ vision of eventually joining Apple’s board.
This decision led to Jobs’ return and Apple’s transformation into the world’s most valuable company today with a market capitalization of $3.749 trillion. Year-to-date, Apple’s stock has climbed 33.62%.
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Why It Matters: After co-founding Apple in 1976 alongside Steve Wozniak and Ronald Wayne, Jobs was pushed out nine years later by John Sculley, the CEO he had brought on board.
Jobs made his return to Apple in 1996 when the company acquired NeXT, and by 1997, he was appointed interim CEO.
Apple’s revival required a critical investment from competitor Microsoft Corporation, which was then spearheaded by Bill Gates, and Jobs’ visionary approach to reimagining the company.
Jobs also drew lessons from Nike and transformed Apple’s marketing strategies to make them more impactful.
By the time he finally resigned as CEO in 2011, Apple had already transformed into a powerhouse of innovation. Jobs’ successor, Tim Cook, had been prepared to take the reins, having already led the company during his health-related absences.
Photo: Courtesy of Wikimedia
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