By: Aseem Gaurav on August 25, 2011
Steve Jobs, the mind behind the iPhone, iPad and other devices, has resigned as CEO of Apple Inc, now known as the world's most valuable tech company.
In January, he had taken an indefinite medical leave in January. Jobs, who co-founded Apple in 1976, previously survived pancreatic cancer and received a liver transplant.
He resigned saying that he no longer could take on the role but will keep on mentoring. His decision has stunned the tech world, who see him as the heart and soul of Apple, while at the same time raising questions about the future of the company which he founded at age 21.
In a written statement, Apple, said that chief operating officer Tim Cook, 50, would replace Jobs as CEO, and Jobs would become chairman of the board. Cook has been running Apple’s day-to-day operations since Jobs was on leave, and he is also known to be natural successor to jobs.
"As I said earlier 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 wrote.
Jobs’s health has been a concern for quite a while now, but despite this he emerged from his leave twice this year at company’s press conferences and product launches: In March he unveiled iPad 2 and in June he resurfaced to show off Apple's iCloud music synching service.
Despite Jobs’ well recognized leadership qualities, analysts are of view that the company will continue to innovate and thrive. They believe that magic won’t go overnight.
Experts say Apple is likely to report $120 billion in sales for the year, making it one of the tech industry's largest companies by revenue. It is worth notable that while Cook at the helm of the firm, it sold 9.25 million iPad in the June quarter, bringing the total sales of iPads at 29 million ever since the tablet began selling in April 2010. During the same period Apple’s iPhone sales reached a phenomenal 29 million mark, well above the industry expectations.
