Cramer's Icahn-Apple solution: Give him a seat on the board

CNBC's Jim Cramer says Apple should consider giving Carl Icahn a seat on the board now that the billionaire investor has announced he's bought a large position in the company.

"They've got a new sheriff in town," Cramer said Wednesday on "Squawk Box." With so much cash on Apple's balance sheet—$146.6 billion, Icahn will likely have a say in what the company will do with the money.

(Read more: Carl Icahn says he's taken a position in Apple, says stock undervalued)

"I think that in the end, Apple wants to do what's right for the customer," Cramer said. "Cook is so conservative with the money. He did the buyback, but he's just so not focused on the capital and Icahn is so deeply focused on the capital."

"Maybe he wants a seat at the table. Would I give him a seat? Yeah," Cramer said. "I think Icahn is the single best investor in America today, so yes I would."

He added that when the conversation with the 77-year-old Icahn is collegial, his interaction with companies is often constructive.

(Read more: Carl Icahn's effect on Apple: Traders weigh in)

"Maybe [Icahn] bought the bottom," Cramer said later on "Squawk on the Street."

"Icahn has been around forever and you have to take him seriously."

Jim Cramer's charitable trust owns shares of Apple.

— By CNBC's Paul Toscano. Follow him on Twitter @ToscanoPaul