Steve Jobs resigned as Apple Inc Chief Executive on Wednesday, without specifying a reason.
Tim Cook, the company's Chief Operating Officer, who has been standing in for Jobs during his medical leave, has been named the new CEO. Jobs becomes Chairman.
Apple's shares fell 5% in after-hours trading.
The following are instant reactions from analysts and investors.
MICHAEL YOSHIKAMI, CEO, YCMNET ADVISORS
"They obviously have been planning this for some time, given the extended nature of Steve Jobs' illness. Tim Cook has proved himself worthy of the role."
"Unless we hear something more about his health situation, it does seem as if he is going to continue to at least have some input into the company through his chairman role. And I think if it was even more serious, I would be surprised if he had actually recommended he go into the chairman role. So I think probably this is more a reflection that he just simply can't do it on a day-to-day basis."
JASON HIRSCHHORN, FORMER CHIEF DIGITAL OFFICER, MTV AND CO-PRESIDENT, MYSPACE
"I have to imagine that it's related to his health. I
cannot imagine another explanation."
"If you read his note, this is clearly not a surprise to the board, they've discussed succession."
"Steve Jobs is my hero, a legend in global industry and a true Willy Wonka-esque deliverer of joy and happiness through product and experiences."
"But you need to believe that he didn't do it all on his own and that Tim Cook is the real deal. Apple has a very, very deep bench of talent and the product roadmap is stellar and their ability to execute and supply it is beyond compare."
ANONYMOUS SILICON VALLEY CEO
"It's really sad. No one is looking at this as a business thing, but as a human thing. No one thinks that Steve is just stepping aside because he just doesn't want to be CEO of Apple anymore. It feels like another shoe is going to drop."
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