Home Mobile Phones Here is The man whose resignation cost Apple $9 billion

Here is The man whose resignation cost Apple $9 billion

- Advertisement -

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.

Outsourced designing:
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.

- Advertisement -

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.

FOLLOW US ON TWITTER SUBSCRIBE TO OUR YOUTUBE CHANNEL
alltechng
Technology is making life more meaningful, improves productivity... We are tech lovers...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

FG sets aside $1.61 billion for 24 hour power supply – TCN

The Managing Director, Transmission Company of Nigeria, Alhaji Usman Gur says the Federal Government in collaboration with international donor agencies has set aside over...

NDIC pays N116 billion liquidation dividends

The Nigeria Deposit Insurance Corporation (NDIC), has paid depositors, creditors and shareholders of failed banks the sum of N 116.258 billion as Liquidation Dividends. The...

SMEDAN trains teachers in Imo on entrepreneurship skills, economic enhancement

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has explained that entrepreneurship training for teachers in the country was meant to shift...

Riders permit not national drivers license – FRCN

Corps Marshal, Dr Boboye OyeyemiOwing to the growing rate at which tricycle and motorcycle operators mistake Riders Permit issued in their respective states for...

Pound Sterling drops as Boris Johnson faces battle to pass Brexit bill

Sterling fell Friday as investors fret over Boris Johnson’s chances of pushing his Brexit deal through parliament, while Asian markets were mostly down after...