June 18, 1993: John Scully, after more than 10 years at Apple as CEO, is forced to step down after AAPL stock plummeted from its high of $4.33 the previous year to $0.73 in 1993.
Sculley joined Apple as the third president with Mike Markkula and Mike Scott in May 1983 and later became CEO. The idea to lure him from Pepsi to Apple belonged to Steve Jobs, who planned a joint successful team work, where one would be engaged in marketing and the other in technology.
However, due to the confrontation and intrigues that soon arose on the part of Jobs, the latter was forced to leave Apple.
The success and departure of John Scully from Apple
It’s worth noting that Sculley managed Apple fairly well in the early days. The personal computer industry grew rapidly, and in a ten-year period, he managed to increase sales from $ 800 million to an incredible $ 8 billion. During his tenure, he released a number of brilliant products, including the PowerBook 100 line of laptops.
He also oversaw the creation of the revolutionary Apple Newton mobile device, released after he passed away in 1993. Despite the failures of Newton at the start, and the subsequent removal of it by Jobs from production, he was the first step towards creating the iPhone.
According to Apple’s board of directors, Scully paid too much attention to the development of Newton, giving these advantages to competitors.
After Sculley’s resignation, Michael Spindler, who had previously worked as the company’s chief operating officer, took over as CEO of Apple. Scully remained chairman of Apple until October 1993, and then left, receiving a “golden parachute” in the amount of $10 million. He subsequently took over as CEO of Spectrum.