Thursday, August 25, 2011

Steve Jobs resigns from Apple

The co-founder of Apple Steve Jobs has announced that he is 'no longer fit' to serve as the companies CEO, and has officially resigned from the position, which according to the existing Apple succession plan will be taken on by what was the Chief Operating Officer, Tim Cook.

Jobs has been battling a form of pancreatic cancer which involved a recent liver transplant

But Jobs is not completely leaving Apple - he will stay on as Chairman of the board.

So what does this mean for Apple:
It's stock was down 7% in after-hours trading, but rallied and was down just 5% by 7:50pm ET (USA)— suggesting Apple’s succession plan had calmed the markets. Mashable
The most influential promoter of Steve Jobs' indispensability, of course, is Steve Jobs. But another person who is very much with that program is the one executive who has actually filled in for Jobs as CEO. That would be Tim Cook, Apple's chief operating officer and its interim chief executive for two months in 2004, when Jobs was recovering from cancer surgery. CNN/Fortune
"Great companies rarely go from strength to strength," said Charles O'Reilly, a management expert, at Stanford University's Graduate School of Business, adding that Apple faces a particular challenge in that Mr. Jobs has had an unusually strong influence in setting Apple's corporate culture and strategy. Wall Street Journal Online
“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,” said Shannon Cross, an analyst at Cross Research.  Telegraph UK
We very, very much hope that the greatest businessman, CEO and product developer of our era is doing okay, and that this decision does not mean his health has taken another turn for the worse. He is an icon and idol who has made this world we live in a better place. We sincerely and deeply wish Mr. Jobs and his family the best. Gizmodo
Consensus seems to be that Tim Cook will continue to streamline Apple's operations, but the inevitable question is - who will replace the vision for Apple which Jobs has so firmly driven, savig the company in 21997, and making it one of the largest companies in the world earlier this year.

As I type this entry on a Mac keyboard, joined to an iMac, I feel that an era is ending.

More analysis to come . . .

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