On the same day that Steve Jobs and Next Software were wheeled out as the answer to Apple?s woes, the company filed corporate information with the Securities and Exchange Commission, revealing the full extent of those woes.
Of greatest concern to Apple executives must be a drop in global market share during the fourth quarter of 1996, from 8.7 per cent to 5.4 per cent. This fall was attributed "principally to customer concerns regarding strategic direction, financial condition and future prospects", according to SEC documentation.
Firing former chief executive Michael Spindler and hiring Gil Amelio as his replacement cost the company a cool $8 million, over half of which was related to severance expenses for the former. In 1996, Amelio made $3 million in base salary and bonuses. If he can turn Apple around and achieve a five per cent per year stock improvement until 2002, he stands to make $50 million.
Severance costs were also attributed to the dismissal of 1,500 staff. Apple headcount currently stands at approximately 10,896 full time employees, with a further 2,500 part time or contract personnel. Apple reiterated its strategy of cutting down on the number of product lines it offered and increasing its use of contractors to produce goods as a way of making savings.
See the analysis section for the lowdown on the Next takeover.
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