Steve Jobs resigned as CEO of Apple Inc. on Wednesday, saying he could no longer meet his duties and expectations.
Jobs co-founded the company in 1976, when he was 21, alongside Steve Wozniak and Ronald Wayne, and is the mind behind the iPhone, iPad and other innovations that have turned Apple Inc. into one of the world’s most powerful companies. His "attention to detail and emphasis on sleek, easy- to-use products" distinguished Apple from its competitors, such as Google Inc. and International Business Machines Corp, according to Bloomberg.
Apple’s stock dropped 7 percent just hours after the announcement and analysts have been weighing in on the company’s future.
Trip Chowdhry, an analyst with Global Equities Research, told the Associated Press, “Apple is Steve Jobs, Steve Jobs is Apple, and Steve Jobs is innovation[…]You can teach people how to be operationally efficient, you can hire consultants to tell you how to do that, but God creates innovation. … Apple without Steve Jobs is nothing.”
Still, others disagree, saying the company will be okay, despite the change.
Jobs has been on medical leave since January 17 after combating a rare form of pancreatic cancer and surviving a liver transplant in 2009. He will be succeeded by Tim Cook, Apple’s Chief Operating Officer, and said he will remain an active chairman.
Check out Jobs' advice for students when he spoke at Stanford commencement ceremony.
Photo Credit: Geek.com