June 18, 1993: John Sculley steps down as Apple CEO after a 10-year run. The Apple board asks Sculley to leave after AAPL shares collapse from a high of $4.33 in 1992 to a measly 73 cents.
Sculley hands over the CEO role to Michael Spindler before briefly taking the role of Apple chairman, prior to departing altogether.
From selling sugar water to changing the world
John Sculley joined Apple in May 1983 as its third president and CEO, following Mike Scott and Mike Markkula. He was lured to Apple from PepsiCo by Apple co-founder Steve Jobs, who used one of the most famous lines in business history to recruit him.
“Do you want to spend the rest of your life selling sugar water or do you want a chance to change the world?” Jobs asked Sculley.
While Jobs and Sculley initially planned to work side by side, tensions quickly flared between the two. The result was that Jobs was forced out of Apple after attempting a boardroom coup in 1985.
John Sculley boosts Apple revenues during 10-years as CEO
Despite that legacy looming over him, John Sculley found initial success at Apple. The personal computer industry was growing rapidly, and he possessed the business chops to make sure Apple was part of it. Over his decade at Apple, he increased sales from $800 million to $8 billion. He also oversaw the launch of some brilliant products, such as the enormously successful PowerBook 100 series of laptops.
Sculley also oversaw the development of the Apple Newton MessagePad, an ahead-of-its-time mobile device that launched later in 1993. The Newton flopped initially, and never became a sales juggernaut. However, it is now rightly viewed as a crucial stop on the road to the iPhone.
John Sculley leaves Apple
A few things led to Sculley’s departure from Apple. For one, he wanted to move back to the East Coast. (He considered taking the role of CEO at IBM.) Sculley also became heavily involved in politics, supporting Bill Clinton’s presidential campaign in the early 1990s.
From the perspective of Apple’s board, Sculley seemed too involved with the Newton at a time when Apple faced increased competition from rivals.
After Sculley stepped down, the Apple CEO role went to Michael Spindler, formerly the company’s COO. Sculley remained Apple chairman until October 1993, departing with a golden parachute of around $10 million. He went on to join Spectrum as chairman and CEO.
P.S. Want more on this period of Apple history? Check out Cult of Mac‘s 2016 interview with the former Apple CEO: Why John Sculley doesn’t wear an Apple Watch (and regrets booting Steve Jobs).
