Jonathon Ive, creative collaborator with Apple co-founder Steve Jobs whose iPhone and other designs fuelled the company's rise to become a $1 trillion company, will leave later this year to start an independent design firm, LoveForm.
The move sent shockwaves through the US markets and caused Apple to lose almost $10 billion as share prices took a massive hit.
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The company's shares plunged 1.5% to $197.44 at Nasdaq. This amounts to a substantial $9 billion drop in value. As the stock market closed for the day, however, shares recovered and were priced at $199.74. Despite the drop, the stocks are viewed to be stable by experts.
The 52-year old who joined the company in 1992, is the brain behind the designs of iPhones, iPad, the candy coloured iMacs, iPod, MacBooks and the iOS used in the devices. He took up the role as chief design officer in 2015. His new company, which will be based in California for now, will have Apple among its other clients.
Ive's adonised aluminium design with the familiar circular button is what gives Apple products its signature look.
