Apple's stock dropped by as much as 7% in after-hours trading when the departure of Steve Jobs was announced.
In a bombshell announcement, the ailing tech visionary who founded Apple Inc., Steve Jobs, resigned as CEO and passed the reins to his right-hand man Tim Cook. The resignation has raised fears that his health has deteriorated further. Steve Jobs has fought and survived a rare form of pancreatic cancer and he has revolutionized the technology space with devices like iPod, iPhone and the iPad.
For many Apple watches, 56 years old, Jobs is the heart and soul of a company, which this month briefly became the most valuable in USA. In a short letter announcing his retirement, Jobs said, "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know. Unfortunately, that day has come.
Apple has revealed that Jobs submitted his resignation to the board of directors on Wednesday and he "strongly recommended" that the board name 50-year-old Tim Cook as the successor. Now Steve Jobs has been elected chairman of the board and Cook will join the board, effective immediately, the company has declared. Since January 17, Jobs has been on medical leave, with his duties being filled by Tim Cook.
No one expects that the departure of Jobs as CEO will derail Apple's ambitious product-launch roadmap in the near term, but concerns are being expressed regarding the companys performance in the long term. Without a founder and visionary like Jobs at the helm, Apple might have difficulty in keeping up with publics expectations.
The Jobs resignation marks the end of one of the most extraordinary careers in the corporate history of USA and possibly the world. Steve Jobs was not only the founder of Apple, he also played a seminal role in shaping the personal computer industry. Even the music, movie, animation, and mobile phone businesses owe a lot to his visionary leadership.