Wednesday, August 24, 2011

Apple CEO tenders resignation

The messiah of modern gadgets tenders his irrevocable resignation as CEO today. And the world breathlessly watched...

Apple will face the grueling competition in the world of technology without its legendary founder, Steve Jobs (his brilliant inventions made Apple the undisputed leader in the world of electronic gadgets for more than a decade now). 

Jobs, who envisioned Apple as the frontrunner of information technology, founded the company  in 1976 with Ronald Wayne and Steve Wozniak, it was incorporated in 1977 without Wayne (he sold his shares to Jobs and Wozniak) and for the past 14 years, Jobs acted as the company's flamboyant CEO and chieft software architect, and due to his creative approach and shrewd management style, Apple became a high profile multinational company reaping extraordinary success. Apple is named by Fortune Magazine as the World's Most Admired Company for four straight years now.

But just today, the iconic master inventor of Macintosh, iPod, iPhone and iPad series decided to relinquish his position to Timothy Cook for health reasons. Jobs is suffering a terminal illness called neuroendocrine cancer since 2004 which forced him to go on medical leave four times since 2005. He had undergone a sensitive medical surgery in 2010. He briefly made an appearance in February this year to unveil iCloud, Apple's synching service and people noticed how much his illness took his energy, he was not the same man who cracked jokes in public every time he introduced his new invention, his humor was gone and he could not endure the long hours of standing, he looked very frail. But despite his resignation, Jobs expressed his intention to remain Apple's Chairman of the Board. His resignation, according to some industry analysts, might sacrifice the magical and fabled dominance of Apple products in the technology market.

True enough, according to yahoo news, after Jobs announced his decision, Apple shares plummeted in the world trading. Analysts, for so long, had predicted Apple's loss if Jobs will resign as CEO. There were talks that his resignation might withheld the launching of iPhone 5 in September this year (2011) and the third iteration of iPad tablet because investors might not accept the idea of "Apple without Jobs" and stakeholders might need enough time to recover from this shocking turn of event.

Jobs on the other hand wanted everything to place in order, as he could no longer oversee the activities of Apple's operation in a day-to-day basis because of his illness, thus, it is wise to turn over the management to Tim Cook. Jobs brief letter to Apple regarding his decision:

"I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.
As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.
I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you"
Steve

Read more: http://www.businessinsider.com/steve-jobs-resigns-2011-8#ixzz1W1OIsvJA
Experts plead to investors and consumers to remain calm and don't panic afterall Jobs will remain Apple's Chairman just like Bill Gates to Microsoft (Gates also resigned as CEO of Microsoft in 2009 to devote more time to his foundation and made Steve Ballmer, his long time friend and co-founder, as the new CEO, Gates however remained the company's Chairman of the Board).

For the past years, speculations on Jobs real health condition sparked controversies that industry analysts predicted the weakening of Apple products in the world market. It is an open book that Jobs is the leading cast in Apple's sleek and stylish innovations and without his creativity, brilliant inventions and shrewd management principles, the company might not be too  magical and successful.

His command over gadgets is fascinating, when he launched the iPhone in 2007, several consumers lined up the street around Apple stores and slept in sidewalk just to buy this new product and in 2010 when he unveiled his latest invention, iPad, people thronged again to be the first to acquire this latest technology wonder. No other products in the market attracted the same fascination.

Due to this phenomena, Jobs was hailed as the messiah of technology and brought him many awards. In 2007, Fortune Magazine named Jobs as the Most Powerful Person in the world of business and the Most Admired Entrepreneur in 2009, he was also honoured as CEO of the Decade by several magazines, he ranked as one of the Most Powerful People in the world in the Forbes magazine listing. The Financial Times named him Person of the Year in 2010.

Tim Cook became Apple's acting CEO when Jobs took a medical leave several times and analysts noticed that Cook can handle really well, though not as magical as Jobs, Cook can still do some tricks for Apple, the company played extremely good, but most analysts admitted that life will going to be more difficult and very challenging for Apple without the legendary Steve Jobs.

Right now, the business world is greatly upset and seems to be in mourning with this shocking revelation. Read it here why

Yahoo finance enumerated several reasons what Apple losses if Jobs doesn't come back as its CEO, READ IT HERE

Source: Yahoo news!

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