Apple Inc. shares inched lower on Friday after it announced that Jony Ive — the chief designer behind iconic products such as the iMac and the iPhone — is leaving the company to form his own firm.
While analysts unanimously praised Ive’s record at the company, with Deutsche Bank writing that he was “perhaps second only to CEO Tim Cook presently in terms of impact to AAPL’s success,” most saw limited long-term impact from the departure.
The stock dipped 0.2%, though it has risen nearly 14% from a low earlier this month.
Nomura Instinet, Jeffrey Kvaal: “While investors may rue a resignation of a long-time executive, we consider this a sensible and even expected time for Mr. Ive to disengage.”
MacDailyNews Take: Clearly the whole “Apple will continue to work with Jony as on eof his new firm’s primary clients” spiel did exactly what it was designed to do, soften the blow of the news to a mere whisper.
Currently, Apple shares are down just 1.10% (-$2.19) to $197.55.
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