Steve Jobs resigns from Apple, Cook becomes CEO

Steve Jobs Resigns.Legend Silicon Valley, Steve Jobs, on Wednesday resigned as CEO of Apple Inc, a surprising extent that ended his 14 year reign in the technology giant co-founded in a garage.

Courtessy From reutersSteve Jobs Shares of Apple plunged to 7 percent after-hours trade after the pancreatic cancer survivor and industry icon, who has been on medical leave for an undisclosed illness since January 17, announced that will be replaced by chief operating officer,Tim Cook.

Analysts do not expect the resignation of Jobs – who had long been planned – to derail the company’s legendary product release roadmap, including the possibility of a new iPhone in September and a third version of iPhone in 2012.

The 55-year-old CEO had briefly emerged from his medical leave in March to unveil the latest version of the iPad and later to attend a dinner hosted by President Barack Obama for technology leaders in Silicon Valley.

Jobs’ often-gaunt appearance has sparked questions about his health and his ability to continue at Apple.

“I will say to investors: don’t panic and remain calm, it’s the right thing to do. Steve will be chairman and Cook is CEO,” said BGC Financial analyst Colin Gillis.

Apple shares slid to $357.40 in extended trading after a brief halt. They had gained 0.7 percent to close at $376.18 on the Nasdaq.

Analysts again expressed confidence in the Apple bench, headed by longtime company No. 2 and supply-chain maven Cook.

“Investors are very comfortable with Tim Cook even though Jobs has been a driver of innovation and clearly an Apple success. Tim has shown Apple can still outperform extremely well when he’s been acting as CEO,” said Cross Research analyst Shannon Cross.

“I don’t know if it’s a health issue. I don’t know if it is a shock. Most likely it was going to happen at some point. Why today versus another day? I don’t know.”

Steve Jobs started Apple Computer with a high school friend in a Silicon Valley garage in 1976, was forced out a decade later, then returned to rescue the company.And Now Steve Jobs Resigns.

Steve Jobs