Today Apple has announced that Steve Jobs has resigned as the CEO of Apple. In Jobs’ letter to the Board of Directors, he wants to remain as the Chairman of the Board and recommend Tim Cook as the new CEO of Apple. And the Board approves these requests immediately.
Here is the full text or Jobs’ letter
To the Apple Board of Directors and the Apple Community:
I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.
I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.
As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.
I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.
Jobs was diagnosed and treated for pancreatic cancer in 2004. He’s taken three separate leaves of absence for medical reasons during and since that time. In 2009, Jobs had a liver transplant at Methodist University Hospital in Memphis, TN. He has been away from his day-to-day duties since January of this year.
According to the sources of Wall Street Journal, Jobs will still be “active” at Apple and is expected to continue to be involved with company strategy.
“People familiar with the situation have said that Mr. Jobs continues to be active at Apple and is closely involved in the company’s product strategy. Apple watchers don’t expect that to change even after Mr. Cook takes over.”
Tim Cook, graduated from Auburn University in 1982 with a degree in Industrial Engineering, served multiple stints as an interim CEO — first in 2004, then in 2009, and he’s been at the helm of the company since January of this year while Steve continued to battle health issues.
Tim Cook is known as the genius behind Apple’s ability to keep inventory low, ship products quickly, and milk extremely high profit margins. He has served as Apple’s COO since 2007, before that working as the Senior Vice President of Worldwide Operations. Before joining Apple in 1998 he worked in similar roles at IBM and Compaq.
Apple’s stock was paused in after-hours trading at 4:19PM for approximately 35 minutes. The final trade was at $375.56. When trading resumed at 4:55, Apple’s stock was down more than 5% to $351.