Steve hands over Apple to Cook

The future of Apple looks skeptic yet promising as Steve Jobs announced on Wednesday that he would retire from the post as CEO and handed over the reins to Tim Cook, the Chief Operating Officer of Apple.

The resignation comes in the wake of reports over the 55-year old’s inability to recuperate post his successful battle against the pancreatic cancer. Steve, who had been on leave since 17 January has been rarely seen in public since his surgery. His resignation leaves a huge question over the reports of his ailing health, which have been strictly confidential until now.

The immediate report of Steve’s resignation was met with a steep fall in the shares. The Board of Directors confirmed his resignation while producing the letter in which the visionary requested the board to relieve him of his services. Although Steve ceases to remain the CEO, he retains the Chairmanship of Apple.

The resignation of Steve leaves a huge role for Cook to fill. Cook, until date had been responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division.

Cook, a former employee of Compaq and IBM worked briefly for the respective companies at distinguished positions. Job’s resignation leaves a huge responsibility on Cook’s shoulders, the latest one to be its possible entry into the digital video where Apple plans to launch a subscription TV service.

Interestingly, it also marks entry into the foray of medium that is entirely new to Apple. It remains to be seen if the 50-year-old Alabama native can handle the Apple’s expansion plans and aggressive strategies.

For Cook, it is a real decisive test as the critics had labeled him as the one riding behind Steve’s success. The very fact that the former vice-president of Compaq never handled an entire company for a longer period also puts him in a spot.

Although, reports suggest that these may also well, work towards his favour. Sources, working closely with him have suggested similarity in him and Steve, albeit, the later being more aggressive.

The resignation of Jobs has thrown the industry of technology into a mixed fair of emotions. While some believe that the decision to step down will work towards Apple’s favour, curious analysts have all agreed that competing companies can perhaps capitalize on this opportunity and rework their strategy.

Jobs, a ruthless exploiter of the technology disrupted the commercial printing business by bringing the documents into the desktop with his Mac. The launch of iPod and later, iTunes shook the dominance that Sony Corp. enjoyed over the music industry.

The era has ended with a new beginning with Cook at the helm of affairs.