Steve Jobs, the iconic leader of Apple Inc. who transformed the habits of generations of consumers by creating a slew of innovative products and has battled several illnesses in recent years, resigned as chief executive of the technology giant Wednesday, saying “the day has come” for him to step down.







Apple’s board appointed long-time lieutenant Tim Cook to replace him on Jobs‘s recommendation.






Jobs, who made everything from the personal computer to the iPod, iPhone and iPad a part of daily life, submitted a letter to the Apple board of directors announcing that he would leave as CEO.






Jobs will remain involved with the company. Apple named him to the position of chairman of the board of directors — a position which did not previously exist at the firm. Two board members have been serving as co-lead directors up to this point.






“People sold on the rumor, and may sell a little more on the news, but it’s way undervalued right now,” Sutherland said. “I think the fundamentals will eventually take over, and the stock will be a great buying opportunity.”

Investors and consumers have long feared the prospect that Jobs would soon step down from running the day-to-day operations of the company, given his talent for bringing new technology to large masses consumers in a palatable manner.

At the same time, he brought untold value to Apple shares, which have skyrocketed from around $9 a share a decade ago to more than $375 today, for a gain of more than 43 times.

Sales for the company are up 12-fold from a decade ago and have continued to climb thanks to an ever-evolving line of products that seem to resonate with the buying public. The concern is whether Apple can stay innovative without Jobs’s instincts to guide them.