Apple CEO Steve Jobs Resigns

Steve Jobs, the head of Apple Inc., one of the most successful companies of our time, has stepped down from the position of CEO. Former Chief Operating Officer Tim Cook will be his replacement. Cook was in fact recommended for the position by Jobs himself. Jobs, who is 56, has been suffering from pancreatic cancer, and has been on medical leave at an undisclosed location since the middle of January this year.

He has always maintained that the day he felt that he would no longer be able to fulfill his commitments as the CEO of Apple fruitfully, he would step down from the position himself. In his letter to Apple's board, he said, "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's chief executive, I would be the first to let you know. Unfortunately, that day has come. I hereby resign as chief executive of Apple. 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. I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you." Board member Art Levinson said, "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. In his new role as chairman of the board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

Investors said that no one would be able to match up to Job's intuitive ability to predict market trends in technology. "Apple without Jobs is nothing", says Mr. Chowdhry, an analyst with Global Equities Research. Jobs has transformed Apple from a two-man start-up to one of the topmost technology companies in the world. Jeffrey Fidacaro, an analyst at Susquehanna Financial Group has said that it would be near-impossible to replace Jobs' vision and passion for his products. Many people felt that Steve Jobs' resignation was inevitable and soon coming, though many industry experts are also of the opinion that the day-to-day working of the company will not be affected in any way by his resignation, nor will Apple's customers notice any difference in the company's policies. This just goes to show what a great setup Mr. Jobs created over the years. Trading of Apple's shares was briefly halted after the announcement, and on resumption, they slid 5% in the after-hours trading