The engine behind Apple Inc. (AAPL), Steve Jobs resigned Wednesday evening. Jobs, who has long been at the helm of Apple is credited with changing the way people listen to music with the release of the first Ipod. Jobs, a long time pancreatic cancer survivor and Silicon Valley icon has been on medical leave since January.
Jobs clung tight to his role at Apple through the first diagnosis of pancreatic cancer and a liver transplant. Consistent speculation regarding Jobs health , prompted by his appearance, which has turned sickly in recent months, was often deflected by Jobs.
“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,” Job said during his brief announcement.
Jobs also took time to announce Tim Cook, the company’s current chief operating officer as his replacement, a move that surprised few. The revolutionary technology that has driven Apple for over a decade, namely Ipods and Ipads is largely credited to Jobs, leaving many to question how Cook will perform at the company’s helm.
Jobs innovation will not be entirely absent from Apple’s creative process. He will take on the role of Chairman and continue to assist the compmany, which he founded with Steve Wozniak in 1976, on new projects and ideas.
Jobs continued presence will allow investors to assess the success of Cook as the chief officer without taking too large a risk. Cook has a lot to live up to in his new role. Apple, under Jobs leadership, became the most valuable company in the world last week and boasted more cash on hand than the U.S. treasury during the debt crisis.
Considering Jobs will be on board for an undisclosed period, investors may want to continue to hang on to shares of Apple. The fear that the company will buckle without Jobs’ leadership may be worthy of address, but his continued participation will likely mean Apple shares will continue to thrive.
