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Steve Jobs Resigns as CEO of Apple


Steve Jobs resigned this afternoon as CEO of Apple. In an eight-sentence letter to the Apple board of directors and “the Apple community,” Jobs indicated that he “could no longer meet [his] duties and expectations as Apple’s CEO.”

Jobs rarely makes the details of his medical conditions public. After he was diagnosed with pancreatic cancer in 2003, he had the tumor successfully removed, and returned to work. But the tumor had apparently spread to his liver undetected. In 2009, doctors had to remove his liver and replace it with a transplant, during which Jobs took a six-month sabbatical. He caused quite a stir when he took a medical leave from his position at Apple in January of this year, for undisclosed reasons. Some doctors speculated that the cause for Jobs’s absence was either a recurrence of his pancreatic cancer or a complication with his liver transplant. Jobs turned 56 in February.

Apple chief operating officer Tim Cook has filled in for him; Jobs, in his note, recommended Cook for the position permanently.

Investors have traditionally speculated that the presence of Jobs is intertwined with the price of Apple stock. Although Apple shares fell 2.25 percent the day after Jobs’s leave of absence in January, Cook is well esteemed in the apple community. During Jobs’s six-month sabbatical in 2009, Cook oversaw a 60 percent increase in the price of Apple shares, after which the board of directors awarded him a $5 million bonus for outstanding performance.

Cook has been a relatively outspoken COO, hinting at one time that Apple products were too expensive, and criticizing Android tablets.

Here’s the full text of Jobs’s letter.

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

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