Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a519036

Apple chief Steve Jobs resigns

Steve Jobs, arguably the greatest technology entrepreneur of the 21st century, has resigned from his position as chief executive of Apple.

 
Apple chief Steve Jobs resigns

Steve Jobs, arguably the greatest technology entrepreneur of the 21st century, has resigned from his position as chief executive of Apple.

Jobs is thought to be battling undisclosed health problems related to a previous bout of cancer. The chief operating officer of the firm, Tim Cook, has been appointed chief executive at Jobs' behest. He is to remain as chairman of the firm. It follows some seven months of sick leave which have nonetheless been interrupted with appearances at key technology conferences and product launches.

After news of the move broke shares in Apple fell some 5% in post-market trading as investors fretted over how closely the fortunes of this once ailing but now utterly dominant company have been tied to the individual leader at its helm.

Jobs wrote to the board of Apple and 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. 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.'

Jobs has been chief executive of Apple twice. He was initially deposed at the helm of the firm in 1985 aged just 30 but in 1997 as the company was apparently floundering following the rise of the PC market and Microsoft he returned to lead an extraordinary revival. He has been the driving force between products including the iPod, iPad and iTunes.

3 comments so far. Why not have your say?

Robin McEvoy

Aug 25, 2011 at 13:00

Does anyone know what the "i" in iPod etc stands for? As far as I can see it must be "incompatible" but someone must have other ideas.

report this

adrian daghorn

Aug 25, 2011 at 13:14

How sad, this is most likely a shrewd move to prevent the stock market price of Apple shares completely collapsing when he passes away by conditioning the market to him not being there.

report this

MS

Aug 25, 2011 at 13:47

Clever comment Robin, really stimulates informed debate, you must be pleased.

Issue is whether the charismatic leadership is seen as the be all and end all of the company or not. Short term to some investors and Apple enthusiasts it may well be the case. However the massive markets in the East are going for the product in droves and probably have no clue who Steve Jobs is. I suspect that the bulk of the people thronging into the Apple Stores here have little knowledge of Steve either. So with a primed product range and forward planning the company will still make huge profits, longer term its a case of whether the cultural popularity of the products can be maintained without Jobs at the helm.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Fund managers from Standard Life Investments quizzed on investment trusts


What can SLI bring to the table for those who want to put their money into investment trusts?

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet