Is Apple CEO Cook smoked?

Apple executives are secretly searching for a new CEO to replace Tim Cook, in a bid to turn around the company's fortunes.

That is according to Forbes, who claims mutiny within the Cupertino ranks, as concern increases at the flagging performance of the once Wall Street darling.

But with evidence non-existence, the rumours could be fabrication at best, although mere talk of an uprising suggests all is not well at Apple HQ.

Claims of a revolution are hardly surprising given company stock plummeted to a 52-week low last week, as shares dropped below US$400 a share for the first time in a year.

Sparking stock exchange mania, Apple has lost around half of its market value since October 2011, when Cook replaced the late Steve Jobs as CEO.

Despite hitting a record high value of US$702 billion in September last year, Apple's domination of the industry is coming under increased strain.

With Microsoft now producing an iPad Mini rival and Samsung leading the way in the smartphone market, Cook has faced increased pressure from Apple investors, worried the company is losing its way.

With an earnings call looming on April 23 for the company, Cook knows he needs the figures to rubbish claims the business has lost its vision, as previously suggested by former Microsoft chief operation officer Bob Herbold last month.

But with a 99.1% approval rating from investors as recently as February this year, logic would suggest Cook's position is safe, especially with a new iPhone on the way.

That said, tomorrow's earnings call will be eagerly anticipated, and could offer a strong indication into the future of both Apple, and its under-pressure leader.

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