Apple Stock Drops with Resignation of Founder Steve Jobs

Editor’s Note: Steve Jobs is a business and cultural icon and his sudden departure from Apple has Wall Street and the technology sectors quite concern.  The technology innovator has been fighting health issues for quite some time and many will speculate that such is playing a role in his decision making.  In spite of long term concerns about his help and the knowledge that it could affect his tenure with Apple, the market appears to be shocked by the news as report in this story from Reuters:

Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded in a garage.

Apple shares were suspended from trade before the announcement. They had gained 0.7 percent to close at $376.18.

The pancreatic cancer survivor and industry icon, who has been on medical leave for an undisclosed condition since January 17, will be replaced by COO and longtime heir apparent Tim Cook.

“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,” he said in a brief letter announcing his resignation.

The 55-year-old CEO had briefly emerged from his medical leave in March to unveil the latest version of the iPad and later to attend a dinner hosted by… (read more)

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