Steve Jobs resigns as Apple CEO

The charismatic figure, credited with turning around the fortunes of the technology giant, steps dow

Steve Jobs, the man credited with turning Apple into one of the most industry-shaping companies around, has resigned from his position as chief executive officer.

The 55 year old, who co-founded the technology giant from a garage, has been on medical leave for an undisclosed condition since January. He previously survived pancreatic cancer. In his resignation letter, Jobs said:

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.

In a statement, Apple said that Tim Cook, who has been running things in Jobs' absence, will take over as chief executive, while Jobs will move to the newly-created role of chairman.

The decision has sent shockwaves through the business world, with shares in Apple dropping by at least 5 per cent in overnight trading.

Perhaps more than any other current corporate leader, Jobs is closely identified with the success of his company. Seen as a visionary, Jobs' many admirers say that his talent lies in predicting what consumers want before they know they want it.

He ran Apple twice. The first time was from its creation in 1976 until he was ousted in 1985, and the second was 20 years later when he returned to rescue the floundering company. He successfully turned Apple round, releasing a series of iconic products. The iPod has reshaped the music industry, while the iPhone changed expectations of what a mobile phone should do.

Earlier this month, Apple briefly became the world's most valuable company, overtaking the oil giant Exxon Mobil, worth over $350bn. It didn't last long, but is astonishing given that Apple sells things that people want, rather than necessities like oil.

Over at the Telegraph, Shane Richmond suggests that it is important not to overstate the impact of Jobs' departure:

Apple's innovations over the last decade are the result of the company's structure: a small team at the top, focusing on a tightly-controlled number of products. Ideas can come from anywhere but those top executives spend a lot of time deciding what not to work on, to ensure that the company's resources aren't spread too thinly. Though Jobs played a key role in developing those working practices, the ideas are embedded deep within the company by this point. Apple's competitors might be hoping that the company's fortunes will change for the worse without Jobs but I wouldn't bet on it.

Whether Apple continues to hit the mark remains to be seen, but the technology industry has lost one of its most charismatic figures.

Samira Shackle is a freelance journalist, who tweets @samirashackle. She was formerly a staff writer for the New Statesman.

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Will Jeremy Corbyn stand down if Labour loses the general election?

Defeat at the polls might not be the end of Corbyn’s leadership.

The latest polls suggest that Labour is headed for heavy defeat in the June general election. Usually a general election loss would be the trigger for a leader to quit: Michael Foot, Gordon Brown and Ed Miliband all stood down after their first defeat, although Neil Kinnock saw out two losses before resigning in 1992.

It’s possible, if unlikely, that Corbyn could become prime minister. If that prospect doesn’t materialise, however, the question is: will Corbyn follow the majority of his predecessors and resign, or will he hang on in office?

Will Corbyn stand down? The rules

There is no formal process for the parliamentary Labour party to oust its leader, as it discovered in the 2016 leadership challenge. Even after a majority of his MPs had voted no confidence in him, Corbyn stayed on, ultimately winning his second leadership contest after it was decided that the current leader should be automatically included on the ballot.

This year’s conference will vote on to reform the leadership selection process that would make it easier for a left-wing candidate to get on the ballot (nicknamed the “McDonnell amendment” by centrists): Corbyn could be waiting for this motion to pass before he resigns.

Will Corbyn stand down? The membership

Corbyn’s support in the membership is still strong. Without an equally compelling candidate to put before the party, Corbyn’s opponents in the PLP are unlikely to initiate another leadership battle they’re likely to lose.

That said, a general election loss could change that. Polling from March suggests that half of Labour members wanted Corbyn to stand down either immediately or before the general election.

Will Corbyn stand down? The rumours

Sources close to Corbyn have said that he might not stand down, even if he leads Labour to a crushing defeat this June. They mention Kinnock’s survival after the 1987 general election as a precedent (although at the 1987 election, Labour did gain seats).

Will Corbyn stand down? The verdict

Given his struggles to manage his own MPs and the example of other leaders, it would be remarkable if Corbyn did not stand down should Labour lose the general election. However, staying on after a vote of no-confidence in 2016 was also remarkable, and the mooted changes to the leadership election process give him a reason to hold on until September in order to secure a left-wing succession.

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