Steve Jobs resigned as chief executive of Apple, saying “I could no longer meet my duties and expectations.” Interim CEO Tim Cook was immediately elevated to CEO, while Jobs, 55, will stay on as chairman of the board.
Art Levinson, Chairman of Genentech, on behalf of Apple’s Board said that “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.”
Cook is not new to the company he has spent 13 years at Apple and had been COO and interim CEO while Jobs was on medical leave. Jobs will be missed but truth be told he has not been really there for a long time. You can be sure that Steve will still control things from behind the glass mirror and pull strings from up top.
One wonders how the stock will react to this news when the marker opens up in the morning. Also if this has been the reason for the iPhone 5 delay that usually comes out in the summer.
Here is Jobs’ letter to the Apple board of directors:
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.