Apple Inc. announced Wednesday that its CEO, Steve Jobs, was resigning, effective immediately. Jobs was diagnosed with pancreatic cancer in 2004, and though his health was not mentioned in his resignation letter, many assume his condition was a major factor in his decision. Nevertheless, Jobs will stay involved in the company, serving as its chairman, while Tim Cook, the company's chief operating officer, will step in as Jobs's replacement
[Read Rick Newman: What We Can All Learn From Steve Jobs]
The resignation raised concerns about Apple's continued success. The company leads the charge with its innovative technological devices and systems. Jobs has often been hailed as a visionary. He has the reputation of being a charismatic micro-manager who could foresee the evolution of market demand years in advance, allowing Apple to set the tone for the tech industry. Only weeks ago, Apple briefly surpassed Exxon as the most valuable company, with a market cap of $337.2 billion. Jobs's replacement, though an able manager, has yet to prove he can match Jobs's product-driven long-term vision for the company. Apple is said to have the next two to three years in product development already set, so Jobs's ideas will carry on until at least then. However, whether Apple can maintain its market dominance without Jobs's leadership is unclear. Though the effects of Jobs's departure on Apple's product line might not be seen for at least a few years, its stock value is already at risk. Apple stock opened lower, but has not plummeted, since the announcement.
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