Apple loses $10 billion in value as iPhone's designer Jony Ive resigns

Apple's chief design officer, Jonathan Ive, is leaving Apple to launch his own design firm, sending shockwaves into the US markets causing Apple to lose almost 10 billion. Ivy was the person responsible for designing Apple's most iconic products like iPod and iPhone. Apple announced Ive' departure and added that he will be forming an independent design company with Apple among its primary clients. Despite leaving Apple, Ive is expected to work closely Apple on its future products.

Post the announcement; Apple shares witnessed a lot of action on Nasdaq. Company's shares had plunged 1.5% to $197.44 - representing a substantial $US9 billion drop in value. By the close, shares recovered to end at $199.74.

"Jony is a singular figure in the design world and his role in Apple's revival cannot be overstated, from 1998's groundbreaking iMac to the iPhone and the unprecedented ambition of Apple Park, where recently he has been putting so much of his energy and care," said Tim Cook, Apple's CEO. "Apple will continue to benefit from Jony's talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built. After so many years working closely together, I'm happy that our relationship continues to evolve and I look forward to working with Jony long into the future."

Ive will launch his own design firm called LoveFrom later this year with another well-known designer, Marc Newson.

The 52-year old Ive joined Apple in the early 1990s and was the "spiritual partner" of iconic founder of Apple Steve Jobs.

Ive in his statement said, "After nearly 30 years and countless projects, I am most proud of the lasting work we have done to create a design team, process and culture at Apple that is without peer. Today it is stronger, more vibrant and more talented than at any point in Apple's history," said Ive. "The team will certainly thrive under the excellent leadership of Evans, Alan and Jeff, who have been among my closest collaborators. I have the utmost confidence in my designer colleagues at Apple, who remain my closest friends, and I look forward to working with them for many years to come."

Edited By: Udit Verma

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