But challenges await Cook as Jobs' successor. One of the top concerns is around retaining top talent drawn by Jobs that made Apple so successful.

"We don't know if Apple can retain the best talent over the next few years," Kay says.

Taking a more collaborative approach than in the past, Cook will likely work with key personnel such as Jonathan Ive, who is senior vice president of industrial design, and Scott Forstall, who runs the iOS organization, around planning the next iconic product.

An unanswered question is also how effective Cook will be at engaging customers.