Thursday, 25 August 2011
Steve Jobs quits as Apple CEO, hands reins to Tim Cook
Steve Jobs resigned as chief executive of Apple on Wednesday and passed the reins to his right-hand man Tim Cook, saying he could no longer fulfil the duties in a stunning announcement that raised fears his health has deteriorated further.
Jobs, who fought and survived a rare form of pancreatic cancer and revolutionised the technology arena with the iPhone and the iPad in the past four years, is deemed the heart and soul of a company that recently briefly became the most valuable in America.
"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, who becomes chairperson, said in a brief letter announcing his resignation.
The letter and a separate terse, somewhat cryptic statement from Apple raised more questions than it answered about Jobs' health and the future of the company.
While it's unlikely that his departure as CEO will derail Apple's ambitious product-launch roadmap in the near term, there are concerns about whether the company would be as creative beyond the next year or so without its founder and visionary at the helm.
That is why Apple's stock dropped as much as 7% in after-hours trading when Jobs' departure was announced.
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