Steve Jobs has been given the credit for giving Apple the necessary vision and strategic direction. But Steve Jobs’ cancer makes him can’t continue its work on the position of Apple’s CEO. On August 25, 2011, Steve Jobs submitted his resignation letter to the Apple Board of Directors and the Apple Community.
Though Steve Jobs named Tim Cook as CEO of Apple, Apples iPhone 5 schedule has been affected. Apple is due to release the next iteration this fall and rumors over its release date and features abound. United States’ #3 mobile carrier Sprint delayed its plan for iPhone 5 from September to October. www.itgeeg.com
There are also rumor that the iPhone 5 will come in 2012 and Apple will launch only an iPhone 4S in the fall.
As a result of Steve Jobs’ resign, Apple’s stock plunges. Apple stock falls over 5 percent after market got the news about Steve Jobs’ retirement. A 5% decline wipes more than $17bn (£10.3bn) off Apple’s stock market value, sending it down from $348bn to $330.5bn, just two weeks after it briefly became the world’s most valuable company.