Whether or not you think that Apple’s celebrity CEO Steve Jobs’ health should be a matter of public concern, the company’s stock price seems to be intrinsically linked to his heart rate. That’s why Apple stock took a dive of about 10% in 14 minutes last night, following the disclosure that Jobs will be stepping down as CEO for medical reasons until June. Tim Cook will be taking on Apple’s day-to-day running in the meantime.
I’m on the fence about this one. On the one hand, it’s ridiculous to think that Apple’s fortunes are the sole result of one man, and his absence will tumble the company into ruin. On the other hand, though, Jobs rules the company with an iron fist, and his absence will leave a big hole in the company’s management. It’s going to be an interesting six months, that’s for sure.
Apple Media Advisory (via Silicon Alley Insider)
Following intense pressure from shareholders, the board, and every technology blogger in the world, Yahoo CEO Jerry Yang has decided to step down from his post at the top of the ailing internet giant. It’s a shame, as the moves that he’s been pushing over the last couple of years show a lot of a promise in terms of getting the company back on its feet.
Unfortunately, however, once Google withdrew its advertising deal in fear of regulatory hell, Yahoo! was left high and dry, pleading with Microsoft to buy it at a price way below the price point that Microsoft were offering and Yahoo! rejected earlier in the year. Most people pinned the blame for that failure to secure financial security for the company on Yang.