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.
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