Apple's next move: Keeping its momentum

Since Steve Jobs returned to Apple Inc. in 1997 as chief executive, the company has been on an unparalleled upswing, highlighted by the immense popularity of the iPod, iPhone and iPad.

Now, with Jobs no longer leading, Apple will have to prove it can keep its momentum. If the recent past is any indication, the company will continue to move forward.

Apple said late Wednesday that Jobs, 56, resigned from his CEO post in a move that seems motivated by his ongoing, yet still unspecified, health issues. Jobs had taken an indefinite medical leave in January, marking his third such leave in seven years. Jobs, who co-founded Apple in 1976, has survived pancreatic cancer and received a liver transplant.

Taking on the role of chairman, Jobs passes the chief executive role to Tim Cook, 50, the company's chief operating officer. Cook had been acting CEO since January. For years, he has been running Apple's day-to-day operations, and he's been seen as a natural successor.

He also served as Apple's leader for two months in 2004 while Jobs battled cancer and again for 5 1/2 months in 2009 when Jobs received a liver transplant. The company has thrived under Cook's leadership, briefly becoming the most valuable company in America earlier this month.

Cook is not nearly as recognizable as Jobs, who after returning from a 12-year hiatus in 1997 became the public face of Apple, clad in his signature blue jeans, black turtleneck and wire-rimmed glasses when trotting out the company's iPhones, iPads, and iPods at media events.

But while Jobs is the most recognized person at Apple, he is not the only one responsible for its success. Many industry watchers said that despite his importance, Apple will continue to innovate.

"Steve Jobs put in place at Apple a culture of innovation," Cross Research analyst Shannon Cross said.

And its innovation has translated to sales. With Cook running the company, Apple sold 9.25 million iPads in the most recent quarter, which ended in June, bringing sales to nearly 29 million iPads since they first began selling in April 2010. Apple also sold 20.3 million iPhones in the same period, far more than analysts expected.

Cook has been an asset to Apple since his arrival in 1998. He is credited with tuning Apple's manufacturing process to solve chronic product delays and supply problems. His inventory-management skills helped Apple build up its $73- billion hoard of cash and marketable securities -- funds that it can use to keep its lead in the portable electronics market.

Apple is not dependent on the immortality of the genius behind it, said Terry Connelly, dean of the Ageno School of Business at Golden Gate University in San Francisco.

As Cross put it, "The bench at Apple is extremely strong. He has a good group of executives behind him."