Apple's board of directors may secretly be looking for an executive to replace current CEO Tim Cook, reports Forbes. Citing Wall Street sources, Forbes says the search cannot be confirmed, but it is a distinct possibility given the massive drop in Apple's stock price over the last six months.
In September 2012, Apple's stock price reached its zenith, at $702 per share. Since then, it has lost nearly half its value. The company's stock had plunged to $390 per share as of April 19 at the market's close. The company has lost about half its overall market value since Tim Cook took over as CEO in August 2011 just prior to Steve Jobs' death in October 2011.
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