Steve Jobs steps down as CEO of Apple
In what was not an entirely surprising move, Steve Jobs announced yesterday that he has resigned as Chief Executive Officer of Apple. While neither Jobs nor Apple gave a reason for his resignation, it is widely suspected that his ongoing health problems played a major part in his decision. He will remain with the company as Chairman of the Board, while former Chief Operating Officer Tim Cook has taken over as CEO, in accordance with Jobs' recommendation.
Apple made the announcement yesterday, in a press release that reads as follows:
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.
"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."
"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "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."
Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.
As COO, Cook was previously responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries. He also headed Apple's Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.
Jobs also himself broke the news himself on Wednesday, in the following 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 co-founded the company in 1976, was forced out in 1985, but returned in 1996 and went on to be the impetus behind iconic products such as the iPhone, iPad, iPod and iMac. What will his stepping down mean for the future of Apple? Give us your thoughts.
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Damn - I will sure miss him.
Retirement is a \"recap\" in the tire industry, how do you retire a mind? email@example.com sent on a PC.
Microsoft market capitalization as of 8/26: $211B Apple market cap as of 8/26: $355B
HP Touchpad sales before fire sale: ~25,000 sold at Best Buy out of 270,000 shipped. Projected iPad sales for 2011: 44 million shipped and sold
Yeah, Apple sucks. I think everyone can see who the real \"dumb fan bois\" are around here.