Steve Jobs resigns and Apple shares plummet
Friday, August 26, 2011 - 11:57:13
Chief Executive of tech giant Apple, Steve Jobs, has walked away from his position after 14 years in the driving seat, causing many to lament his departure and praise his legacy.
It is easy to argue that Jobs is responsible for creating the modern smartphone market and dictating its direction with a quartet of best-selling iPhone handsets, soon to be expanded with a fifth iteration next month.
Jobs pulled Apple back from the brink of disaster, turning it from a company close to bankruptcy in 1997 to one of the world's most valuable companies in 2011. The iMac, iPod, iPhone and now iPad have each added to the fortunes of the company and in his letter of resignation, Jobs asserted that Apple has not yet reached its most fruitful, creative period.
In the wake of his exit, the markets reacted harshly and Apple's share prices fell by five percent, or around £11 billion. A similar dip occurred when Jobs took time out due to health issues in 2009 and many believe that it is these same worries that have caused him to hang up his hat just two years later.
Jobs will be succeeded by Tim Cook, the man primed for the position of CEO by prior consent. Jobs will now act as Chairman of the Board, so he is not becoming completely detached from the company he nurtured.
With the iPhone 5 and the iPad 3 likely to arrive in the next few months, Apple is in a strong position to cement its place as a company to be reckoned with. However, there is no doubt that Jobs was seen as the catalyst and perpetuator of its innovation, making it easy to understand how investors might get nervy and mobile fans concerned.
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