Apple update: Steve Jobs to step down.

Apple @ $375.8, +£2.20 (+0.59%) 


Well the expected and long awaited announcement that Steve Jobs is to step down as CEO of "his" company finally came through last night. 
And, although Apple shares closed slightly up at $375.8, the various overnight news reports on the topic are suggesting that Apple was down around 5% in "after hours" trading.

So despite his seemingly frail nature and long reported health problems the expected was perhaps unexpected for some.
As expected though, it looks like he will be succeeded by Tim Cook, the company's Chief Operating Officer, who has deputised during Job's current leave of absence.


Obviously the fear is that the company could be losing its visionary and, as a result lose direction and its ability to design and produce industry defining products. Hopefully this is a little short sighted given that Jobs looks set to take up the Chairman's position; Cook is a long established Apple senior (joining in 1998); and the company is surely not working with an empty pipeline of new products, strategies; and developments to existing products (like iPhone 5!). 
Given his history, coming back to rescue the near defunct company he co-founded as a 21 year old (whilst fighting his illnesses), I can't see Jobs leaving a sinking ship that is so closely intertwined with him. To many he is Apple.


Reports suggest that analysts are in support of Cook although there must be still be some concern (me too) that, without the messianic Jobs, the company could slowly melt back into being another consumer electronics company losing the conceptual design and lifestyle appeal that it has today.
In the last decade or so its been very difficult to tell if the brand is Apple or Jobs. 
The task now is to bring the cool white "Apple" brand out from under the deep shadows of its charismatic founder whilst maintaining its niche concept design position outside of the "establishment". 
Looking back, there are many examples of previously successful growth machines in the technology sector which have had pseudo monopolies but eventually become part of the establishment which, in the eyes of the next generation, flips the uncool switch.


But, as it stands today, the current horizon of growth forecasts should be intact which puts Apple on an undemanding 13.7 times price:earnings for the current year. 
I guess its the forecast growth thats the demanding part but this is based upon iPhone and iPad sales, which still seem to be going from strength to strength, and its pipeline of evolutionary and, dare we hope, revolutionary new products.

Can we still dare to dream that the cool white machine will continue on!


Related article links:
- www.telegraph.co.uk: Apple chief executive Steve Jobs resigns

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