There are pros and cons of experience. A con is that you can't look at the business with a fresh pair of eyes and as objectively as if you were a new CEO. Fire yourself on a Friday night and come in on Monday morning as if a search firm put you there as a turn-around leader. Can you be objective and make the bold change?

Talent is the No. 1 priority for a CEO. You think it's about vision and strategy, but you have to get the right people first.

It has given me a global vantage point, being the daughter of immigrants from China, who had nothing when they came here. And now I am leading a company. It speaks to something deep in me, the concept that you don't have to start with anything.

I became CEO at the beginning of the hit on old economy stocks. When something like that occurs in your first six months as a CEO of a more traditional branded firm, it makes for a fast learning curve.

If you feel like it's difficult to change, you will probably have a harder time succeeding.

I feel like I'm part of history being made. I leave Apple board meetings thinking, 'I've got to do a better job.'

Since I'm a mother and a wife, I have to have passion or the frustration would win out. But I love managing people. The product is second to managing the people. And marketing to consumers is so challenging because it is evolving constantly.