Apple Board Wants Tim Cook to Innovate

Tim Cook

Tim Cook is feeling increased pressure from Apple’s (NASDAQ:AAPL) board regarding a perceived lack of innovation under his tenure as CEO, according to a new report from Fox Business correspondent Charlie Gasparino. Sources told Gasparino that there is “concern at the board level about the pace of innovation.”

The correspondent was quick to point out that the sources also indicated that this “does not mean Tim Cook is out of a job.” However, Gasparino did say that “the board is worried about what’s in the pipeline.”

Excluding the iPad mini launch last fall, Apple’s products have essentially been refreshes of previously existing products that were developed by the company under former Apple CEO and founder Steve Jobs. Gasparino noted that the board is concerned whether the company has “stuff to keep the momentum going that Jobs started.”

Despite the board’s concerns about the current lack of innovative products, Cook has repeatedly indicated that new products are on their way. During Apple’s third-quarter earnings call, Cook said, “our key catalysts will be, always will be new products and new services and these are above in existing categories that we’re in and in new categories.”

Cook has even provided a general timeframe of when consumers can expect to see these new products. In a press release the Apple CEO announced the company was “laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”

In this sense, the board’s concerns seem untimely since Apple appears to be on the cusp of unveiling new products. However, Gasparino indicated in a video segment that his “sources are solid.”

Apple is rumored to be working on several new products, including a wearable tech device that many commentators have already dubbed the “iWatch.” Other rumors have suggested that Apple is developing a so-called “iTV.”

Follow Nathanael on Twitter @ArnoldEtan_WSCS

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