Apple is still in Good Shape
By now, you have likely heard that Steve Jobs resigned as CEO yesterday. Apple stock is holding strong on the news, largely because the succession plan has been implemented gradually over time. The overall markets are down more than one and a half percent today on Euro worries, however, Apple shares are still trading near the 52-week high, at $374 per share.
Some of us have known since February that Jobs began a medical leave of absence on January 17, 2011. Since that time, COO Tim Cook has been running day-to-day operations, as he has in the past, when Steve Jobs has taken leaves (such as in April 2009, when Jobs had his liver transplant).
In short, Tim Cook has proven himself capable of leading Apple. Jobs will become Chairman of the Board and Cook will become CEO and join Apples board.
Apple is the second largest corporation by market value in the world today, at $349 billion. Apple is topped by Exxon Mobil (at $358 billion).
I doubt that this move was a surprise for anyone in the executive level at Apple. I suspect that he's been training and grooming someone to take his spot for awhile. Plus, while he's resigned as CEO, but he's still chairman of the board. He's still there for guidance....until his successor is fully ready. So, you're right, Apple is indeed fine.
I don't know that much about technology stocks, but Steve Jobs can't be the only genius they have working there right? I mean it must take several layers of really smart people to put forward the production that they do.
I expected a bigger drop, but that goes to show that Wall Street wasn't too surprised and it pays to have a succession plan. Another reason to come clean from the start. Looks like their preparation softened the blow of losing Jobs. Apple being Apple yet again!
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