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Steve Jobs Resigns as Apple CEO, Will Stay On As Chairman, Tim Cook New CEO


Steve Jobs has resigned as CEO of Apple in a letter to Apple's Board of Directors. In his letter, Steve asks to remain Chairman of the Board and appoints Tim Cook as his successor. The board has approved these requests, effective immediately. Jobs will still be "active" at Apple and is expected to continue to be involved with company strategy.
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
Art Levinson, chairman of Genentech and an Apple board member for more than 10 years, issued this statement on behalf 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. 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 was diagnosed and treated for pancreatic cancer in 2004. He's taken three separate leaves of absence for medical reasons during and since that time. In 2009, Jobs had a liver transplant at Methodist University Hospital in Memphis, TN. He has been away from his day-to-day duties since January of this year.

Regarding Tim Cook's appointment as CEO, Levinson wrote:
The Board has complete confidence that Tim is the right person to be our next CEO. 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.
Apple's stock was paused in after-hours trading at 4:19PM for approximately 35 minutes. The final trade was at $375.56. When trading resumed at 4:55, Apple's stock was down more than 5% to $351.

Our Additional Coverage:

Jobs to Remain Closely Involved in Apple's Product Strategy
Tim Cook's Auburn University Commencement Speech
Steve Jobs to Remain on Disney Board
"Jobs's greatest creation isn’t any Apple product. It is Apple itself."
Steve Jobs' Outlook on Apple After Returning in 1997
Steve Jobs' Resignation Not Indicative of Sudden Worsening of Health

Top Rated Comments

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41 months ago


Steve Jobs has resigned as CEO of Apple.


Article Link: Steve Jobs Resigns as Apple CEO (http://www.macrumors.com/2011/08/24/steve-jobs-resigns-as-apple-ceo/)

I hope his health is not failing him. :(
Rating: 86 Votes
41 months ago
Wow...
Rating: 67 Votes
41 months ago
All the best Steve. I hope you are in good health and will continue to help grow the company you founded. Apple would not be where it is today without you. Thank you.
Rating: 63 Votes
41 months ago
Noooooooooo!!
Rating: 43 Votes
41 months ago
Well Mr. Jobs, you did a great job leading Apple into the 21st century. (biggest comeback in corporate history)
Rating: 39 Votes
41 months ago
:(
Rating: 36 Votes
41 months ago
Be well, Steve.
Rating: 34 Votes
41 months ago

I hope his health is not failing him. :(


This. The stock will recover, but his health is more important.
Rating: 34 Votes
41 months ago

I hope his health is not failing him. :(


It's pretty unambiguous that that's exactly what's happened. :(

This along with the early biography release(despite the author disagreeing with this) are really worrying.

I hope Steve gets well. I bet it was painful for him to write that letter.
Rating: 30 Votes
41 months ago

Just saw this on CNN. Was not expecting that at all today. Down, down, down will go all my stock. As if the floundering economy wasn't hurting my stock enough.


I could think of a more selfish reaction to this story, but I would have to think for a long time to come up with it. :(
Rating: 27 Votes

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