One way or another, Apple Computer Inc was moving towards a resolution of the host of uncertainties surrounding it on Friday. National Semiconductor Corp announced that chief executive Gilbert Amelio – an Apple board member – had resigned, going a long way to confirming widespread reports that Michael Spindler had been ousted by the board. NatSemi will be run by the three- person office of the president – which includes Ellen Hancock – until a successor is appointed. Amelio was also expected to be named chairman of Apple, with the present incumbent, Mike Markkula, stepping down to vice-chairman. Amelio is a noted turnaround specialist – he hates the term, and describes himself as a transformation manager. The New York Times had been reporting that a definitive agreement for Sun Microsystems Inc to buy the company at several dollars more per share than the $23 Apple was said to have rejected, was near. But in late editions, it said that the board moving to fire Spindler might stymie the deal – although Spindler was the one that had earlier fallen out with chief financial officer Joseph Graziano, who wanted to sell Apple. Sun was allegedly not prepared to pay even what the market valued Apple at because Apple has $1,950m of inventory, much of which is expected to have to be offloaded at fire-sale prices. That would be a disaster of IBM Corp-style proportions – at a company that has no mainframe revenue shield. And at December 31, Apple’s cash was down to $1,100m from $1,600m a year ago, while its debt stood at $800m. Meantime Apple treasurer Mary Ann Cusenza, is joining the exodus.
