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Steve Jobs steps down as Apple CEO

Steve Jobs steps down as Apple CEO

Yesterday Steve Jobs resigned his post as chief executive of Apple, handing over the reigns to acting CEO, Tim Cook. Jobs will serve as chairman of the board.

The technology brand leader issued a statement from Apple, 4pm Pacific time, highlighting his reasons for leaving as “no longer being able to meet my duties and expectations as Apple’s CEO”.

Apple shares fell 7% after the news broke of Job’s departure, as industry observers fear the loss of the charismatic and innovative front man.

As a founding figure of the company in 1976, Jobs played an integral role in Apple’s development. After being ousted in 1985, he returned to save the company when it was facing near bankruptcy in 1996.

Medical reasons are feared to be at the root of his departure. Two years ago Jobs undertook a liver transplant, having being diagnosed with neuroendocrine cancer of the pancreas in 2003. Medical observers suggest that the long term effects of his medication do not ensure the cancer will not return. His several public appearances this year have shown the 56 year-old looking frail and thin.

Apple competitors should not get their hopes up. Industry critics, along with Jobs, remain positive about the future of Apple in Cook’s hands, The Guardian reports. "[Tim Cook] is very highly regarded internally at Apple. From a succession perspective they could not possibly identify a better candidate,” said Ashok Kumar, an analyst at Rodman and Renshaw.

Shannon Cross of Cross Research said: "It won't affect next the iPad or next iPhone. Apple's product line-up is well set. Steve, keep in mind, has been training people at Apple and there is a culture at Apple that is very strong."

Nonetheless, the technology landscape will look a lot different without Apple’s visionary entrepreneur at the helm.

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