The 56 year old that co-founded Apple and brought it back from the brink of bancrupcy in 1996 resigns as CEO as his battle with cancer continues. Jobs will take the role of Chairman of the Board as Tim Cook (previously Apple’s Chief Operating Officer) replaces him as CEO.
In a letter from Steve announced at 4pm Pacific time yesterday;
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
When Jobs rejoined Apple in 1996, the company was just 90 days from bankruptcy, since then Apple has conquered the technology world becoming the worlds most valuable company in early august with more cash and asset worth than the US government.
In a public statement from Apples Board on Jobs’ departure
“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.”
About the upcoming iPhone 5 and iPad 3, Shannon Cross of Cross Research said: “It won’t affect next the iPad or next iPhone. Apple’s product line-up is well set. Steve, keep in mind, has been training people at Apple and there is a culture at Apple that is very strong.”
Apples shares feel 7% in after hours trading following the announcement as the market felt the impact of the loss of Jobs, described as “the greatest entrepreneur ever.” by Fred Wilson, a venture capitalist.
Here at MacGazette we wish Steve all the best and hope this latest announcement doesn’t signal that Steve might be losing his battle with his long-standing illness.
Source: Apple
