iPhone designer Jony Ive's departure wipes $9bn off Apple's valuation

The man behind some of the vendor's most iconic products leaves company after nearly 30 years

The departure of chief design officer Sir Jony Ive from Apple wiped $9bn off its value in after-hours trading.

The drop came within one hour of the announcement and represents one per cent of the tech giant's total value.

London-born Ive (pictured, left, with Apple CEO Tim Cook) joined Apple in 1992 and has been responsible for the designs of the iMac and iPhone and the vendor's Apple Park HQ in California.

He is set to depart later this year to set up his own design firm, LoveFrom, which will count Apple among its first clients.

"Jony is a singular figure in the design world and his role in Apple's revival cannot be overstated, from 1998's groundbreaking iMac to the iPhone and the unprecedented ambition of Apple Park, where recently he has been putting so much of his energy and care," said Apple CEO Tim Cook.

"Apple will continue to benefit from Jony's talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built.

"After so many years working closely together, I'm happy that our relationship continues to evolve and I look forward to working with Jony long into the future."

Evans Hankey, VP of industrial design, and Alan Dye, VP of human interface design, will assume extra design responsibility once Ive leaves. They will report to Jeff Williams, Apple's COO, who will "spend more of his time working with the design team in their studio", according to Apple.

Ive stated: "After nearly 30 years and countless projects, I am most proud of the lasting work we have done to create a design team, process and culture at Apple that is without peer.

Today it is stronger, more vibrant and more talented than at any point in Apple's history.

"The team will certainly thrive under the excellent leadership of Evans, Alan and Jeff, who have been among my closest collaborators. I have the utmost confidence in my designer colleagues at Apple, who remain my closest friends, and I look forward to working with them for many years to come."