When you think about Apple, or any of its products, one of the most important and widely known person that comes to mind is Jony Ive – Apple’s head of design, the guy who is, in a large part, responsible for designing some of Apple’s most iconic products. Well, today, Apple has announced that Jony Ive is resigning from the company.

The Cupertino giant’s Chief Design Officer, Ive is reportedly leaving the company to start his own design firm called LoveFrom, in partnership with another well-known designed Marc Newson. However, Jony Ive is still expected to work closely with Apple on the development of future products, according to a statement by Apple CEO Tim Cook.

Speaking about Jony Ive and his contribution to Apple, Tim Cook said, “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.” He further added, “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.”

Post this announcement by Ive and Tim Cook, Apple’s shares plummeted by 1.5% to $197.44, representing a $9 billion drop in the company’s value. However, the company’s shares recovered slightly by the end and closed at $199.74.