Analysts upbeat about Apple's future despite Jobs' exit

Long-serving chief hands reins to COO Tim Cook after conceding he can "no longer meet my duties" following illness

After suffering from ill health for some time, Apple chief executive Steve Jobs has resigned as chief executive of the vendor, with right-hand man Tim Cook set to be handed the reins.

In a letter to the firm's board and "the Apple community" the long-serving boss explained that he "could no longer meet my duties and expectations as Apple's CEO". He added that he now wants to assume the role of chairman of the Apple board.

He goes on to "strongly recommend" that Apple activates its succession plan and installs chief operating officer Tim Cook as top dog.

In closing, Jobs wrote: "I believe Apple's brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role. I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you."

Michael Gartenberg, research director at Gartner, cautioned against attributing Apple's success to one man.

"While this marks the end of an era for Apple, it is important to remember there is more to Apple than any one person, even Steve Jobs," he said. "Continuing as chairman, Jobs will continue to leave his mark on both the company and products even as he transfers the reins to Cook."

Writing in TechMarketView's UKHotViews service, the analyst's chairman Richard Holway paid a glowing tribute to Jobs' leadership. He explained that he had run his business on Mac technology for many years, and went on to describe the first iPod touch as "the most beautiful piece of technology ever produced". But Holway too pointed out that Jobs is supported by a stellar team.

"I hope that the markets will not panic and write off Apple," he said. "Tim Cook has been a very able COO and I suspect he will do well as CEO - he has had enough practice. Jonathan Ive is still there designing those wondrous products."

Jobs co-founded Apple in the mid-1970s but was ousted from the top job within a decade, following a boardroom spat.

He returned to lead the company in 1997 and, under his stewardship, Apple has enjoyed phenomenal success with devices such as the iPad (pictured), iPod, iPhone and MacBook.

Jobs has suffered several spates of ill health in recent years, beginning with a hitherto successful battle against cancer in 2004. He also took the first half of 2009 off while he underwent a liver transplant and has been on medical leave again for unspecified reasons since the start of this year. Following his resignation, Apple's stock price slipped more than five per cent in after-hours trading.