Rumor : Tim Cook, Apple COO, offered the HP CEO job

There are rumors that Tim Cook, 49 years old and Apple COO, was offered the Hewlett-Packard CEO job. No word whether he will or will not accept.

In March 2010, Tim Cook received a $5 million bonus for 'Outstanding Performance' running the company while CEO Steve Jobs was on medical leave.

Cook took the company reins when Jobs, a pancreatic cancer survivor, went on medical leave from January through June 2009.

It was Cook's second stint leading Apple. Cook, who joined Apple in 1998, ran the Cupertino, Calif.-based company for two months in 2004 while Jobs recovered from surgery for pancreatic cancer. His performance then won him the promotion to chief operating officer in 2005.

Analysts credit Cook with solving problems that Apple was having with inventory management. That has been key to Apple's ability to amass $25 billion in cash and short-term investments. Many people consider Cook as Jobs' logical successor.

In the months leading up to Jobs' medical leave, rumors about his health could send Apple's stock soaring and sinking as investors worried that Apple would be lost without his vision.

But under Cook's direction in 2009, the company kept cranking out well-received products including updated laptops with lower entry-level prices and a faster iPhone with many longed-for features. Apple sold more than a million of the new iPhone 3GS during its first three days on the market.

Tim Cook joined Apple Computer Inc. in 1998, as Senior Vice President of worldwide operations.

Prior to that, Mr. Cook served as Vice President of Corporate Materials for Compaq Computer Corporation ('Compaq') from 1997 to 1998 and was responsible for procuring and managing its product inventory.

Previous to his work at Compaq Computer Corporation, he served as Chief Operating Officer of the Reseller Division of Intelligent Electronics. Mr. Cook also spent 12 years with IBM, served as Director of North American Fulfillment, where he led manufacturing and distribution functions for IBM's Personal Computer Company in North and Latin America. He has been Director of Nike Inc. since November 2005.

Mr. Cook studied an MBA from Duke University, where he was a Fuqua Scholar and a Bachelor of Science Degree in Industrial Engineering from Auburn University.