Image by Kansir via FlickrApple’s legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday in a move long expected after he began a dramatic fight with cancer.
In a written statement, Apple, the world’s second most valuable company by market capitalization, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.
Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.
“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” board member Art Levinson said in a statement.
Apple stock price slid more than five percent to $356.32 in trading that followed news of Jobs’s resignation and it remained to be seen what the market has in store for the company with the opening bell on Thursday.
Gartner analyst Van Baker saw no reason for investors to panic.
“My suspicion is that Apple will do just fine,” Baker told AFP. “There are so many talented people there and Steve’s attention to detail is baked into the culture.”
Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.
“Apple is an execution monster, and that includes products, supply chain and marketing,” Baker said.
“Their roadmap is in place; I’m sure they are already working on the next iPad.”
