Steve Jobs, the iconic co-founder of Apple Inc., and the man responsible for introducing a slew of innovative consumer-electronics products, has stepped down from the position of the chief executive officer of the company.
Jobs, who is not keeping well, has been named chairman of the board, company sources revealed late Wednesday.
"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,” 56-year-old Jobs wrote in a letter to the board.
Job’s relinquishment of charge came as a surprise and shock to most stakeholders. Apple shares plunged 5 percent immediately after the resignation news broke.
“He's the head visionary. Can you replace his vision, his passion for the products, his rigor in the day-to-day operations? That's going to be hard, it's undeniable.” --Jeffrey Fidacaro, an analyst at Susquehanna Financial Group
Then there was a huge outpour of emotions as well. Jeff Clavier, a prominent Silicon Valley investor, tweeted, "Millions of us are feeling orphans of Jobs' leadership, who had so much impact on tech and design. Wishing the best to him and his family."
Tim Cook, the company's chief operating officer, has been named the CEO in Job’s absence.
The human replacement has been announced. However, the biggest concern for most is the replacement of the extraordinary intuitive abilities that Jobs possessed.
“He's the head visionary. Can you replace his vision, his passion for the products, his rigor in the day-to-day operations? That's going to be hard, it's undeniable," said Jeffrey Fidacaro, an analyst at Susquehanna Financial Group.
The well wishers of Apple can take heart from the fact that Jobs is still around as a chairman and his mere presence will have an impact on the other employees.
Genesis of Apple
The genesis of behemoth Apple dates back to 1976 when Jobs and Co-Founder Stephen Gary Wozniak built their first machine from funds that were generated by selling off their personal assets.
Following a disagreement with the then CEO John Sculley, Jobs left in 1985, only to return as advisor in 1996. Since then there has been no looking back.
“He took a hit early, was kicked out of his baby and came back and not only saved the company, he basically changed the how the world uses technology," Mark Cuban, the owner of the Dallas Mavericks basketball team and a tech entrepreneur said of Jobs initial departure from Apple.