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Steve Jobs Resigns as CEO of Apple

|Aug 24|magazine6 min read

 

In a surprise announcement, Steve Jobs has resigned as CEO at Apple.  The letter doesn’t specify as to why Jobs has taken a step down other than that he feels he can no longer meet his duties in the position.

Job’s resignation letter is as follows:

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

Soon after this announcement broke, Apple’s Board of directors announced Tim Cook as the company’s new CEO. Previously Apple’s Chief Operating Officer, Cook joins the Board effective immediately. As for Jobs, the former CEO was elected Chairman of the Board.

“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.”

Jobs abrupt departure has caused concern for Apple’s stock.  Additionally, many are speculating as to what caused Job’s abrupt resignation. Jobs, a pancreatic cancer survivor, has been on medical leave from his position since January 17th; therefore, some are wondering if this is the catalyst to Jobs’ decision. Only time will tell if Jobs reasoning will come to light.