Steve Jobs Resigns as CEO of Apple

Thursday
Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.


The 55-year-old Apple co-founder and pancreatic cancer survivor has been on medical leave for an undisclosed condition since 17 January.

The Board has complete confidence that Tim is the right person to be our next CEO,” said Art Levinson, on behalf of Apple’s Board of Directors. “Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Letter from Steve Jobs

CUPERTINO, Calif.–(BUSINESS WIRE)–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.

Steve

Trading of Apple shares on Wall Street was halted after hours following the announcement. In regular trading, Apple had gained 0.7% to close at $376.18.

Jobs’ comments are certainly ominous, implying that his health hasn’t improved since he stepped aside from day-to-day operations several months ago. But it’s good news that he plans to continue on as Chairman of Apple’s Board of Directors and as an employee.
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