Steve Jobs has resigned as CEO of Apple

Steve Jobs has resigned as CEO of Apple

Steve Jobs has announced that he is stepping down as Apple CEO and will be handing over the day-to-day running of the company to Tim Cook.

Jobs has asked to stay on as Chairman of the Board.

Described as “the greatest leader our industry has ever known” and “the most important person in personal technology,” Jobs’ influence on technology can not be understated, and we’re saddened to see his health issues forcing an early retirement.

Tim Cook, Apple’s chief operating officer, has been named to take over the helm of the most successful tech company in the world.

The cruel, uncaring world of  investors was swift to react, with Apple’s stock immediately plummeting 5 percent in after-hours trading  – equal to around $17.44 billion of lost market capitalisation.

Here’s the official press release:

PRESS RELEASE: Letter from Steve Jobs

August 24, 2011–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 Jobs bio]

One Comment on “Steve Jobs has resigned as CEO of Apple”

  1. Much as I hate Iphones, Ipods and all the rest of that overpriced nonsense, you hit the nail on the head when you say “Jobs’ influence on technology can not be understated”

    It’s probably being a bit optimistic to wish Steve a long and happy retirement, but I hope he has at least a little time left to enjoy himself.

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