Move fails to dent investor confidence in Apple

APPLE began a new era yesterday without Steve Jobs as chief executive, a momentous shift that surprised investors but barely dented confidence in the near-term outlook for the stock.

In announcing that he could no longer fulfil his duties, Jobs stepped away as chief executive and cleared the way for Tim Cook to take over leadership of one of the world’s best known and valuable companies.

Cook, 50, must convince investors that Jobs’s vision and spirit have been institutionalised within Apple, a company that revolutionised entertainment and communication with its iPod, iPad and iPhone devices. Jobs, who has been on medical leave since January, will stay on as chairman.