Shares in Apple inc. dipped more than 5% in after-hours trading following the news that Steve Jobs had resigned as CEO from the company and former COO Tim Cook named in his place. As of this writing, AAPL was trading at US$356.47, a loss of $19.71 (-5.24%). That’s off the after-hour lows, when the stock traded at $351.99.
Traders were reacting adversely to the news that the iconic technology leader Steve Jobs was stepping down from the CEO spot, though he will remain at the company as Chairman of the board and an Apple employee.
New CEO Tim Cook is joining Apple’s board of directors. No other changes were announced by the company.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.