Jobs quits Apple, its shares drop 5% already

Steve Jobs shows off iPhone 4 at the 2010 Worl...

Image via Wikipedia

STEVE JOBS has quit as CEO of Apple Inc. – but will still serve on Apple’s Board as Chairman. He quit because of ill-health and a realisation that he couldn't do his duties as CEO to the best of his abilities.


The 56-year-old creative arm of Apple made the announcement in a resignation  statement yesterday. And already shares in the company have dropped 5% since his resignation was announced..


Jobs has had a career spanning more than three decades and has been at the helm at pivotal moments in Apple’s rapidly expanding technological development.

He’s been at the forefront of the mobile phone revolution, including the Apple iPhones and tablets, such as the ipad.


Since 2004, Jobs had had a number of health problems with Cancer, and in 2006 he delivered a keynote Apple speech to employees looking thin and frail.

In 2009, he underwent a liver transplant in Memphis, In August 2009, Jobs was selected as the most admired entrepreneur among teenagers on a survey by Junior Achievement.


In the same year, Jobs was named CEO of the Decade by Fortune Magazine.


Jobs has been the inspiration for many techie entrepreneurs and business start ups, including the founder of facebook, Mark Zuckerberg. His story of how he shot to fame was documented in a film called The Social Network.

The former Apple CEO’s successor will be Tim Cook, who Jobs had recommended to take over in his statement.


A statement by Apple,. read: “Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.


Adding: “Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”


Jobs has featured in three films about personal computing.  


In one such film, Pirates of Silicon Valley, a 1999 docudrama which chronicled the rise of Apple and Microsoft. He was portrayed by actor Noah Wyle.


Last year, the FT newspaper voted him as their person of the year for business.


Jobs added in his statement of resignation as CEO: “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.”


Want to create mobile websites? Use this...
Enhanced by Zemanta