Apple CEO's sidequest: Helping Nike turn things around

A new iPad lineup wasn't the only thing on Tim Cook's mind when he introduced the tablets from Apple's California headquarters in May. The hint was on his feet: a pair of one-of-a-kind sneakers designed on an iPad just for Cook, by Nike.

Cook, Apple's chief executive officer and the longest-tenured member of Nike's board of directors, was helping guide co-founder Phil Knight and Executive Chairman Mark Parker through the world's largest sportswear company's toughest year since he joined in 2005. Two months before the new iPad release, Nike warned that sales would fall as demand for its sneakers faded due to competition from upstart labels. During the first half of this year, layoffs hit the shoemaker's offices.

Months after the iPad launch, Cook helped advise on the handling of a leadership shake-up. John Donahoe, the former eBay boss who Cook had once endorsed for the top job at Nike, retired after just four years in the role. Cook then helped secure Elliott Hill, a Nike veteran who came out of retirement, as the company's new CEO.