In 1998, Steve Jobs asked Cook to join Apple. His first position was senior vice president for worldwide operations. Cook closed factories and warehouses, and replaced them with contract manufacturers; this resulted in a reduction of the company's inventory from months to days. Predicting its importance, his group had invested in long-term deals such as advance investment in flash memory since 2005. Cook's actions were recognized for keeping costs under control, and combined with the rest of the company, generated huge profits. Cook was named the new chief executive officer of Apple Inc. on August 24, 2011. Cook shared in May 2013 that his leadership focused on people, strategy, and execution; he explained, "If you get those three right the world is a great place."