Resignation

In August 2011, Jobs resigned as CEO of Apple, but remained with the company as chairman of the company's board.^[65][66] Hours after the announcement, Apple Inc. (AAPL) shares dropped five percent in after-hours trading.^[67] This relatively small drop, when considering the importance of Jobs to Apple, was associated with the fact that his health had been in the news for several years, and he had been on medical leave since January 2011.^[68] It was believed, according to Forbes, that the impact would be felt in a negative way beyond Apple, including at The Walt Disney Company where Jobs served as director.^[69] In after-hours trading on the day of the announcement, Walt Disney Co. (DIS) shares dropped 1.5 percent.^[70]