CEO Steve Jobs Resigns, The Affect On The Apple Stock
An amazing announcement released shows CEO Steve Jobs of Apple retire, he may have retired but he is still going to be chairman of the board with chief operating officer Tim Cook filling his shoes for the new job role. The question is “How will this affect Apple stocks?”
Many will see this retirement as a shock, we all know Steve Jobs as the guru and front-speaker at events such, which of course leaves us wondering if he will be at the next big event announcing the new Apple iPhone 5 and the possibility of the iPhone 4S.
Jobs has said in an eight-sentence letter to the Apple board of directors and “the Apple community,” that he can no longer meet his duties and expectations as Apple’s CEO.
No one knows for sure why Steve Jobs cannot fulfill his obligations as CEO, but we suspect this is down to his poor health, he will surely be missed as public speaker and the man we always put side-by-side with the iPhone, iPad etc.
Jobs was diagnosed with pancreatic cancer in 2003, his tumour was removed successfully and future tests showed that the it spread to his liver undetected, his liver was then removed in 2009 and replaced with a transplant, which left Jobs taking a six-month sabbatical.
We here at Phones Review are very sad indeed that Steve Jobs has retired; he will sorely be missed as the man who is APPLE. Steve Jobs and Apple stock go hand-in-hand and the reaction to his retirement has seen stock falling by 7 percent.
According to LA Times Apple stock has gone from $6.56 to $403 in around 8 years, yesterday saw Apple shares closing at $376.18 on Wednesday meaning that it was up $2.58, these figures we closed before Steve Jobs announcement. However, after Jobs retirement announcement letter shares fell 5.3% to about $356 in after-hours trading.
July 26 saw a record in stock market value at $403.41, stock market value was $348 billion at the close of regular trading Wednesday. Apple has some astonishing figures, especially when you compare to Google’s $169 billion, IBM’s $199 billion, Microsoft’s $209 billion and Intel’s $104 billion.
Please do post your comments below about Steve Jobs retirement; what would you like to say to him (Go below and send a message). We would also love to know how his retirement would affect Apple stocks and shares, even more so will the iPhone 5 announcements and release be the same without the legend speaker?
Here’s the full text of Jobs’s letter via PC World
To the Apple Board of Directors and the Apple Community:
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.
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.