As Apple prepares to release its latest products for 2014, investors and Apple observers may focus their eyes on the company of CEO Tim Cook as he takes center stage.

Rumors are widely circulating about the impending release of the new and bigger-screened iPhone 6, Apple TV and iWatch. Apple observers speculated the failure of the company's rumored iWatch might lead to calls for the immediate replacement of Tim Cook as CEO.

Some analysts said Cook has been "dragging" since he took over for his late friend and Apple co-founder Steve Jobs.

While investors have not been clamoring to buy Apple stock, the company has managed to sell 50 million iPhones in one quarter. While there's a high possibility that Cook can pull off the launch of iPhone 6, which is set as "Android killer," it remains to be seen whether the public or Apple's investors would be satisfied with the new device.

The continued disappointment to investors has prompted Global Equities Research Analyst Trip Chowdry to call for the resignation of Tim Cook as CEO of Apple.

Chowdry cited Cook's inability to create shareholder value for the company. The analyst said Apple's investors and even employees are aware that other stocks have amassed large amounts of shareholder value in the past 12 months.

According to Chowdry, Apple stock has declined by 25 percent since its peak in Sep 2012 while the Nasdaq and S&P enjoyed growth of 36 percent and 25 percent respectively.

He wrote in a report that Apple's CEO and CFO must be replaced to prevent "further destruction" of shareholder value.

Chowdry suggested the tandem of Jon Rubenstein and Fred Anderson as the new CEO and CFO of Apple.

Option traders are positive that the new products of Apple will drive the world's most valuable company after it bounced back from its worst monthly loss in 12 months.

Options on Apple have never been cheaper in over 2 years in relation to the Technology Select Sector SPDR Fund based on data acquired by Bloomberg.

Apple is expected to release its first quarter earnings on April 23.