Apple said Ive will continue work on its products at his new venture, but shares fell as much as 1.5% to $197.44 in after-market trading, wiping about $9 billion from the firm’s value.
Ive joined Apple in 1992 and led Apple’s design teams since 1996. He became chief design officer in 2015. Ive’s departure comes amid falling iPhone sales, including a record drop in Apple’s most recent quarter. Sales of some newer hardware products such as the Apple Watch and its wireless AirPods headphones are expanding, but Apple has turned its attention to growing its services business, which includes Apple Music and iCloud.
After Jobs’ death, pundits questioned whether Apple could continue Jobs’ pace of new products. Ive became a symbol of continuity, bridging the Jobs and Cook eras. Ive came to oversee both hardware and software design at Apple, but the company laid the groundwork for his departure over several years. During 2015, Ive handed off some duties to other executives while he finished Apple’s new corporate headquarters, Apple Park.
The effort, which was never released, was not part of Hankey’s official duties. But she took an interest anyway because of her “very long-term vision kind of role – looking for seeds that could turn into something bigger, or maybe plant some seeds, too,” Cannistraro said.
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