This statement is an excerpt from the resignation letter that Steve Jobs gave to Apple on Wednesday. Jobs requested to stay on as Chairman of the Board and an Apple employee, but he also sees that it is best for the company if he steps down and lets Tim Cook (former COO) take over as the new CEO.
Jobs’ Impact on Apple
When Jobs took a medical leave from company operations for several months in January of this year, the second-largest company’s stock value decreased significantly. And once again, Apple’s stock decreased by 5.4% in after-hours trading following Steve Jobs’ resignation announcement. However, these drops are only relevant in the short-term. Apple is still the most profitable and successful tech company the world has ever seen.
So why is Steve Jobs’ influence on Apple so important to investors? Simply stated, Steve Jobs is Apple. When Jobs came back to Apple in 1997 after a falling-out with management, he not only brought with him creative insight and brilliant technologically-transforming ideas, but also he recreated the entire corporate culture, top to bottom. Therefore, although Steve Jobs’ resignation initially appears to be a detriment to Apple’s future, Jobs’ image and influence will remain engrained in the company for many years to come.
The Future of Apple
In the words of Jobs himself, “I believe Apple’s brightest and most innovative days are ahead of it.” So Apple investors, worry not! Steve Jobs’ resignation is not expected to stunt the company’s growth or presence in the tech industry. After all, his last appearance to the press was in June with the announcement of iCloud, Apple’s new web-based service for cloud computing. And with Apple’s high level of secrecy, who knows what the next available gadget or service will be—and will it fill a need that we are not yet even aware of?