Apple CEO Gets Buffett's Praise: Steve Jobs Couldn't Really Do What Tim Cook Has Done 'In Many Respects'

Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett praised and compared Apple Inc AAPL CEO Tim Cook’s managerial skills with the iPhone maker's co-founder Steve Jobs during the Omaha, Nebraska-based conglomerate’s annual general meeting on Saturday.

What Happened: Buffett was responding to a query on why Berkshire last year sold some of the common stock it owned in Apple, a move the investor saw as counterintuitive — considering, the company counts the stock as its fourth jewel.

Buffett admitted that selling some Apple stock last year was a mistake and elaborated his take on the company and its current CEO.

See Also: Berkshire Hathaway Posts Strong First-Quarter Operating Earnings Of $7B

“Tim Cook was under-appreciated for a while. He’s one of the best managers in the world, and I’ve seen a lot of managers. And he’s got a product that people absolutely love,” Buffett told investors.

“He has handled that business so well. He couldn’t do what Steve Jobs, obviously, could do — in terms of creation. But, Jobs couldn’t do a lot that Tim Cook has done in many respects.”

See also: How To Buy Apple Stock

Why It Matters: Berkshire Hathaway owns a 5.3% stake, valued at $117 billion, in the iPhone maker, according to the company’s annual report for the fiscal year ended December 2020.

The Cupertino-based tech giant was valued at $350 billion at the time its co-founder Steve Jobs died in 2011. The company has grown into a $2.21 trillion behemoth nearly a decade later under Cook’s aegis, who will complete a decade at the company as its CEO.

Apple became the first company to hit the $2 trillion valuation milestone and Cook officially joined the billionaire club last year.

Cook, previously an executive at the International Business Machines Corporation IBM, joined Apple after a meeting with Jobs in 1998. The Apple CEO in March told People magazine that he never tried to fill Jobs' shoes. "Not on day one and not in year 10," he said.

On the matter of continuing in the role of Apple CEO, Cook in an interview with the New York Times' Kara Swisher last month said he doesn't see such a date in sight but it will probably not be more than 10 years. 

Price Action: Apple shares closed 1.51% lower at $131.46 on Friday.

See Also: 9 Takeaways From Berkshire Hathaway's Annual Shareholder Meeting

Photo by lemagit on Flickr