Apple stocks are taking a beating in early trading, following the announcement of Steve Jobs’ departure as chief executive.
The firm’s share price fell 4.14% to €248.30 in the first two hours of trading on Frankfurt’s stock exchange, after already falling 7% in after-hours business on the Nasdaq on Wednesday, when Apple announced Jobs’ resignation.
That New York fall contributed heavily to a 21.5% decline in the overall value of NASDAQ 100 stocks, Reuters reports.
Apple has confirmed acting CEO Tim Cook is taking the helm after running the firm since Jobs took an indefinite leave of absence in January to tackle a medical condition. However, the Apple founder will continue to be involved with the firm after being appointed chairman of the board.
“I have always said if there ever came a day when I could no longer meet my expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come,” Jobs told staff in a letter adding that he is looking forward to “watching and contributing” to Apple’s success “in a new role”.
Apple board member Art Levinson said the board position means Jobs will continue to serve Apple with his “unique insights, creativity and inspiration,” and that the board is confident Cook is the right man to fill Job’s shoes.
Gartner research director Michael Gartenberg said that while Job’s resignation marked the end of an era for Apple, it was important to remember there was more to Apple than any one person. Gartenberg added Jobs would continue to leave his mark on both the company and products even as he transferred leadership over to Cook.