Apple's legendary co-founder and top ideas man Steve Jobs has resigned as chief executive in a move long expected after he began a dramatic fight with cancer.
In a written statement, Apple, the world's second most valuable company by market capitalisation, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.
In a written statement, Apple, the world's second most valuable company by market capitalisation, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.
Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.
"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," board member Art Levinson said in a statement on Wednesday.
Apple stock price slid more than 5% to $356.32 in trading that followed news of Jobs's resignation and it remained to be seen what the market has in store for the company with the opening bell today.
Gartner analyst Van Baker saw no reason for investors to panic.
"My suspicion is that Apple will do just fine," Baker said. "There are so many talented people there and Steve's attention to detail is baked into the culture."
Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.
"Apple is an execution monster, and that includes products, supply chain and marketing," Baker said. "Their roadmap is in place; I'm sure they are already working on the next iPad."
No reason was given for Job's resignation, but his health problems, including a lengthy medical leave for a liver transplant in 2009 and his gaunt appearances at public events, fueled speculation he would have to give up the everyday running of the company he co-founded in 1976.
Cook ran Apple when Jobs went on medical leave and has essentially been running day-to-day operations since early this year with the company racking up record revenue and profit.
"The board has complete confidence that Tim is the right person to be our next CEO," Levinson said.
"Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does," Levinson continued.
Text of Steve's resignation letter:
To the Apple Board of Directors and the Apple Community:
"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.
I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.
As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.
I believe Apple's brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you."
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