The legendary Steve Jobs, one of the founders of Apple, resigned from the position of CEO of Apple Inc. after 14 years of reign. His resignation left everyone in awe and 7% fluctuation was seen in the shares after the stunning announcement. Steve Jobs is a pancreatic cancer survivor and had been on a medical leave since January 17th, 2011, for unknown condition. Steve Jobs announced that he was to be succeeded by Mr. Tim Cook.
Experts think that this resignation was already expected and hopefully is not going to affect the company’s normal product-launch roadmap which includes the unveiling of a new iPhone around September and an iPad tablet next year, the third iteration. Steve Jobs said in his letter, “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”.
Steve gave an appearance at the ceremony introducing latest version of iPad in the month of March and he also attended the dinner given by President Barack Obama in Silicon Valley for leaders in technology. These vague appearances of Steve arose many questions about his ability to carry on as CEO. Colin Gillis, the financial analysts of BGC said, “I will say to investors: don’t panic and remain calm, it’s the right thing to do. Steve will be chairman and Cook is CEO”.
Experts have full confidence on Tim Cook too, Cross Research analyst Shannon Cross said, “Investors are very comfortable with Tim Cook even though Jobs has been a driver of innovation and clearly an Apple success. Tim has shown Apple can still outperform extremely well when he’s been acting as CEO. I don’t know if it’s a health issue. I don’t know if it is a shock. Most likely it was going to happen at some point. Why today versus another day? I don’t know.”
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