Steve Jobs leaves CEO position at Apple

Thu 25th of August 2011, filed under Internet News

Steve Jobs steps down as Apple CEO

Steve Jobs has declared that he is leaving his position as the chief executive of Apple.

Yesterday, Steve Jobs announced his decision to step down from his position as CEO of Apple. This follows his lengthy absence from the public eye as a result of health issues. Jobs has made very few appearances in 2011 - he has introduced an updated iPad tablet, launched new Apple software and dined with Barack Obama.

Jobs stated, "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."

Jobs announced that Tim Cook will take over his position at the forefront of Apple. Cook is currently the COO of the company after being recruited in 2007. However his responsibilities at Apple have grown significantly since Jobs went on hiatus in January 2011. His growing responsibility should help him as he embarks on the difficult task of stepping into Steve Job's shoes as CEO.

What will become of Apple?

Following Steve Jobs' resignation, Apple shares fell by 5 per cent in after-hours trading. The company lost $18.6 billion (£11.4 billion) from its market value due to the resignation of its iconic CEO. It seems that Apple may be unable to hold onto its success following the departure of its figure for technological innovation. Jobs previously helped Apple claw back from near-bankruptcy in 1996 and whether Cook will be able to bring similar success to Apple is yet unknown.

Tom Glass, creative director at theEword, stated: "The name Steve Jobs has been synonymous with Apple for so long that removing such an icon could be detrimental to the brand. Tom Cook must continue to have the passion for innovation which Jobs brought to the company, and which made consumers excited about Apple."

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