Jony Ive worked for almost three decades at Apple. He played a lead role in the design of the candy-colored iMacs that helped Apple re-emerge from near death in the 1990s to the iPhone, regarded by many business experts as one of the most successful consumer products of all time.

Ive, who was also a close creative collaborator with Co-founder Steve Jobs, is now planning to move away from the company to start his own design firm.

He shall, however, continue to work on its products at his new venture.

It was in 1992 that he joined Apple and since 1996 he had been leading Apple's design teams. He took up his current role as Chief Design Officer in 2015.

Apple's current CEO acknowledges and appreciates Ive's contribution to the brand.

"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, Chief Executive Officer, Apple.

As Ive leaves the company later this year, he says he has the utmost confidence in his designer colleagues at Apple.

Ive said, "They remain my closest friends, and I look forward to working with them for many years to come."

Ive's departure from Apple: The aftermath

After Ive steps down, Evans Hankey shall take over as Vice President of Industrial Design and Alan Dye becomes Vice President of Human Interface Design. Both of them will report to Chief Operating Officer Jeff Williams.

Ive, on the other hand, will start his own design company called LoveFrom, which would probably be based in California in the beginning.

Ive has shared that he would work on Apple priorities wearable technology and healthcare in addition to unspecified "personal passions". LoveFrom will also have other clients beside Apple.

The leading mobile company faces the exits as it also rattles with dip in sales.

Apple's iPhone sales have fallen, registering a record drop in its most recent quarter despite a move to slash prices in key markets such as China.

Further, its share fell as much as 1.5 percent to $197.44 in after-market trading, wiping about $9 Bn from the firm's value.

However, Apple has been preparing itself for Ive's departure from the company and hopes to not feel the negative impact of his exit.

The leadership of Dye and Hankey could trigger new design innovations at Apple. Only time will tell how Apple copes up with the exit of the design veteran Ive.