July 6, 1997: Following a massive quarterly loss for Apple, board member Edgar S. Woolard Jr. calls CEO Gil Amelio and informs him that he needs to step down.
“You’ve done a lot to help the company, but the sales haven’t rebounded,” Woolard says.
Recently returned to the company he co-founded, Steve Jobs denies being responsible for Amelio’s ouster. However, the move results in Jobs becoming Apple CEO for the first time. Now it’s time for a real turnaround!