Short term, there will be little impact
The short-term selloff of Apple shares immediately after the announcement is driven by fears that Apple will not continue to perform as it has once Steve Jobs leaves the CEO role. However, these fears appear relatively unfounded at least in the short term. Tim Cook, formerly COO and now CEO, has been in day-to-day charge of Apple not only since January but during two previous periods when Steve Jobs’ health prompted extended absences.
On all three occasions, Steve Jobs was nevertheless involved in major decisions and continued to set strategy for the company. His new role as chairman suggests this will continue to be the case even if he does not sit at a desk in Cupertino for eight hours every day.
In addition, Tim Cook has by all accounts managed the company well during these absences, and is considered by most to be a particularly strong operational leader. Since many of Apple’s current challenges revolve around producing sufficient inventory to satisfy demand, these talents will be in high demand and suit Cook well to lead the business.
Meanwhile, Steve Jobs will continue to provide the visionary leadership Apple is accustomed to. Lastly, it is very likely that at least the next iterations of major products such as the iPhone and iPad are already well underway, and that the broad strategic direction for future versions has also been set already, so that there is unlikely to be any impact in the next one to two years.