Apple prepares for CEO’s return

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By The Associated Press

Published: June 22, 2009

SEATTLE — Five and a half months ago, word that Steve Jobs would only work part-time as he recovered from a liver transplant would have sent investors into a selling frenzy, so closely linked was Apple’s charismatic co-founder and CEO to the company’s success.

Apple CEO Steve Jobs

But now, with Jobs’ return to Apple just days away that prospect is a lot less daunting.

Wall Street has grappled with the implications of Jobs’ illness since August 2004, when investors learned the CEO had kept a cancer diagnosis secret until after he underwent surgery. Investors feared a half-year absence would leave one of the oldest computer makers adrift, but in the last few months, the company released must-have gadgets and software improvements with nary a public hiccup. Its shares have almost doubled, raising the question of how central Jobs is to Apple today?

Developing products

Tim Bajarin, an analyst for Creative Strategies who has been following Apple for more than 25 years, said things ran smoothly in Jobs’ absence because he had already relinquished much of his control over the company.

Roger Kay, an industry analyst and president of Endpoint Technologies Associates, is skeptical Apple will be able to continue its success simply by asking itself, "What would Steve do?” After all, the message that Apple’s bench is capable is coming from Apple itself.

"You can always do product extensions,” Kay said. "Who’s going to come up with a new product category that’s going to do what the iPhone and the iPod have done?”