22 years after he first mulled resigning from Apple, Jonathan Ive, the man behind the design of the iPhone and the company’s Chief Design Officer finally called it a day, sending Apple’s shares tumbling to wipe off $9 billion in the company’s market value. That was just a billion dollars short of what it cost Apple’s market value when its founder Steve Jobs had announced his resignation as CEO in 2011 due to health reasons, with the company losing $10 billion of its market value.
Ive, who announced his resignation through an exclusive interview to the Financial Times, will be setting up his own design firm, called LoveFrom — with Apple already being a confirmed client for products related to wearable technology and healthcare. Ive. however, will also be taking on other companies as clients. He first joined the company in 1992 and collaborated on all projects starting with the iMac in 1998.
Is Apple in trouble?
Apple has borne a significant brunt of the ongoing trade tariff spat between the US and China, which forced it to downgrade its earnings forecast for the first time since 2002 after weaker than expected iPhone sales. Ive’s resignation, in fact, isn’t the first in the line of senior executives to quit the company — chief retail officer Angela Ahrendts quit in February while Apple India saw three of its senior level executives from sales resign last year. The company, which was the first to be valued at a trillion dollars, currently has a market value of $919 billion.