So far, the real standout for Munster has been Cook's success in expanding Apple's services business — things like iCloud, iTunes and Apple Pay — which grew 19 percent last quarter. Services will be the size of a Fortune 100 company by next year, Cook has said.
"Where I think it's been underwhelming on the hardware side, which of course is where they make their money. The technology is just not there to really get the Watch away from the iPhone yet," Steve Milunovich, managing director at UBS, told CNBC's "Power Lunch" on Monday.
He added that Jobs was once against the App Store that has done so well for Apple. "Where I think they've done a good job is on the services side, as you call it, or as we put it, the platform side," Milunovich said.
Some attempts to grow Apple's services business have been less successful. For example, the company bought Beats Music for $3 billion in 2014. The deal was a rare high-profile acquisition for the company that delivered executive talent, and was accompanied by talk of new music experiences. Apple Music — a new streaming service — was launched in 2015 but has so far failed to gain much traction, said Piecyk.
Cook has the opportunity to further leverage Apple's devices to grow revenue from services, said White. For example, Apple TV could be used to sell services — like Mandarin lessons or cooking classes — to consumers at home, he said.
Cook is also credited with opening up new markets for Apple's products. He has forged partnerships with enterprise giants IBM, Cisco and SAP in order to better serve enterprise customers, and grown Apple's footprint in emerging markets. The number of stores in the Chinese marketplace increased from four to 41 during his tenure. Cook recently visited India, which represents a giant opportunity for the company, said White.
"Apple's a very different company today, obviously, than four or five years ago," Milunovich said. "[Cook's] had to deal with the FBI situation, moving into China and India, shareholders demanding dividends and buybacks — which Jobs didn't have to deal with at the time."