Two Men Enter, One Man Leaves

Two Men Enter, One Man Leaves — Apple’s board meeting last Tuesday was the subject of wild speculation in the computing industry. With diminishing market share, product shortages, a shocking $1 billion in unfilled orders, and persistent rumors the company will be sold, industry watchers expected extreme pressure to be placed on Apple CEO Michael Spindler to produce results or step aside. However, it was Joseph Graziano, executive vice president and chief financial officer, who announced his immediate resignation due to "philosophical differences," and that he would leave the company under "amicable" terms by the end of the year. Apple investors and shareholders have been increasingly concerned about Apple’s market share, now estimated at between 7.5 and 8 percent. Apple affirmed that the company is not for sale and that Spindler’s job is secure, but warned investors that fourth-quarter profits would be "significantly" below projections. [GD]