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August 25, 2011

Steve Jobs Resigns as Apple CEO, Tim Cook Named as Successor

Today is a sad day. Steve Jobs, the man who founded Apple and single-handedly turned the company back around and redefined the music and mobile computing industry, has announced his resignation as CEO. Steve has been an inspiration to me for as long as I can remember, and his vision and attention to detail has defined a generation and brought us products that are, without a doubt, insanely great. Unfortunately Steve has struggled with health issues over the past few years, and I wish him all the best. I’m very happy to see him continue as part of Apple as Chairman of the Board. Here is Steve’s 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.

As far as Apple goes, well, it’s always difficult to know what the company will do, but it’s safe to say that they’re in the most stable and dominant position they’ve ever been. Although Steve was the visionary, he’s had a rock solid team of executives working with him, and I’m sure that his succession plan was developed to leave Apple in the best possible situation. Apple has already announced Tim Cook as his successor, and Steve being elected to Chairman of the Board. In my opinion Tim will be a solid CEO, and proved to be extremely capable during Steve’s previous absence; I just hope he also shares some of Steve’s creative vision.

Apple stocks crashed nearly 5% in after-hours trading, which is to be expected. As the world has been aware of Steve’s medical condition for a while now, his resignation did not come as too much of a shock, otherwise the drop would’ve been far more significant. Apple has strong fundamentals, and an excellent performance capped off by a massive cash store. If the stock does drop, it will be very short lived as investors realise that the company is as solid as ever. Not to mention that Apple’s roadmap is more or less fixed for the next two years anyway.

Again, Steve I wish you all the best, get well soon, and welcome to Tim as the new leader of what will continue to be a source of innovation for years to come! I look forward to reading Steve’s official biography. Hit the jump for Apple’s full press release.

Steve Jobs Resigns as CEO of Apple

Tim Cook Named CEO and Jobs Elected Chairman of the Board

CUPERTINO, California—August 24, 2011—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.

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