GMA NEWS:
Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded in a garage.
Apple shares were suspended from trade before the announcement. They had gained 0.7 percent to close at $376.18.
The pancreatic cancer survivor and industry icon, who has been on medical leave for an undisclosed condition since January 17, will be replaced by COO and longtime heir apparent Tim Cook.
"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," he said in a brief letter announcing his resignation.
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. --Reuters
Steve Jobs and Apple: A timeline
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Steve Jobs and Apple: A timeline
JM TUAZON and TJ DIMACALI, GMA News
08/25/2011 | 04:13 PM
Since coming back to Apple's fold in 1997, Steve Jobs has been the iconic face of what is now deemed the most valuable technology company in the world.
As the creative visionary that brought to life such revolutionary gadgets as the iPod music player and the iPad tablet, Jobs is not so much revered as he is worshiped by his legion fans.
Many have credited Jobs for being the creative genius behind Apple's intuitive products, most of which have been runaway market successes around the world.
To most observers, the future of Apple depends so much on what new innovation Jobs will bring to fore, so much so that Apple shareholders would pin their investment decisions on Jobs' capability to lead Apple.
This became evident in October 2008 when Apple's stocks took a slight dip after an erroneous report said Jobs had a major heart attack.
While news of Jobs' pancreatic cancer didn't stave off investors in 2004, many became worried when he announced that he will be taking his first medical leave in 2009, causing Apple stock prices to slightly fall.
In the same manner, every time Jobs made a public appearance after months of avoiding the limelight, Apple stocks would also bounce back, just like what happened when Jobs took the time to unveil the iPad 2 this year.
GMA News Online culled the following timeline, showing significant points in Jobs' decades-long tenure as the inimitable Apple chief executive, highlighting how he had steered Apple out of his garage in 1976 and into the multi-billion dollar business it has become today.
BACK TO KAPUSO ONLINE HOMEPAGE and THE KAPUSO ONLINE AWARDS - A Viewer's Choice Special: CLICK HERE TO VOTE Information Courtesy of GMA News
http://www.gmanews.tv/story/230542/technology/steve-jobs-and-apple-a-timeline
and
http://www.gmanews.tv/story/230476/business/steve-jobs-resigns-from-apple-cook-becomes-ceo
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