Apple's stock performance was super impressive compared to most other stocks during the tenure of CEO Tim Cook, but it wasn't extraordinary relative to other members of the Magnificent Seven.
Apple stock returned 24.9% annually during Cook's 15-year tenure, which began at the end of August 2011 and ended Monday, Bloomberg data show. The stock rose more than 20-fold to $316 from a split-adjusted $14 a share.
But superior managerial talent was well distributed among what are now the top companies in the stock market. Over the same time span, Mag Seven members Amazon.com returned 24.5%, Microsoft, 24.4%, and Alphabet, 24.3% annually, nearly matching Apple's performance.
The champ among that elite group is Nvidia, which has returned 55% annually since August 2011 under the leadership of Jensen Huang. Runner-up Tesla returned 43% a year with Elon Musk at the helm.
The "worst" showing among the Mag Seven belongs to Meta Platforms, which has returned 21% annually since it went public in May 2012. All seven stocks have handily topped the S&P 500 index, which has returned 15% a year since August 2011.
Apple added more than $4 trillion of market value under Cook's tenure, according to Dow Jones Market Data. He built Apple's successful service businesses, including the App Store, which generate billions of dollars of recurring revenue.
Apple, however, hasn't had a big new hit product during Cook's tenure and it's a laggard in artificial intelligence.
Cook is being succeeded by John Ternus, 50, Apple's senior vice president of hardware engineering. By midmorning Tuesday, Apple had updated its website with Ternus as its new CEO. Ternus' bio gave clues to what his priorities will be.
"John has led much of the company's focus in areas like reliability and durability, introducing new techniques that have made Apple products remarkably resilient. He has also driven much of Apple's innovation in materials and hardware design...," according to Apple's website. Ternus is very much about innovation, as well as reliability and durability, a mix of the future and the past.
Cook deserves the accolades he has received for his ability to expand the business on existing products and technologies, but imagine where Apple stock would be if there had been more genuine innovation at the company.