As expected, Apple shares dropped following the news of CEO Steve Jobs' resignation.
In pre-market trading, shares declined by as much as 4%. At the time of this writing, they're down -2.54% or -9.55 at 376.18.
While Apple is expected to do well financially in the short term, riding on the success of recent product innovations, there is concern that the company will greatly miss the tremendous input Jobs has given to such innovations. In other words, the question is how long can Apple maintain its luster without Steve Jobs?
Tim Cook, who took over day-to-day operations at the company when Jobs took a medical leave of absence early this year, has of course been named CEO by Apple's board. He has been said to know more about the company than anyone other than Steve Jobs himself. He certainly has Jobs' blessing.
The full text of Jobs' letter is below:
To the Apple Board of Directors and the Apple Community:
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.
I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.
As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.
I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.