Steve Jobs has officially put in his resignation as the Chief Executive Officer (CEO) of Apple, on Wednesday. Speculations abound, but the most likely cause is health reasons, as Jobs has been on official medical leave since January. In a letter to the Apple board of Directors, Jobs said he would like to continue working as a Chairman of the Board, Director and an Apple employee.
"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. As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple," said Jobs in his resignation letter.
The Apple board has named Tim Cook as the new CEO of Apple. Cook, COO earlier, has been handling Jobs' responsibilities when he went on medical leave. As expected, Apple stocks dropped immediately, but not as appreciably as one would expect after the resignation of Apple's most recognizable face.
Here are the contents of Jobs' resignation letter:
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.
About Tim Cook
Jobs brought Tim Cook on board in 1998 to oversee the manufacturing of Apple’s computers.
An Alabama native, Cook is an industrial engineer, and also earned a master’s degree in business administration from Duke University. Before joining Apple, Cook worked at Compaq Computers (now owned by HP) and at IBM before that. Cook also filled in for Jobs for two months in 2004, when Jobs recuperated from surgery to remove a cancerous tumor from his pancreas. Cook was later given the responsibility for Apple's worldwide sale and the Mac computer division by Jobs. He was appointed Chief Operating Officer of Apple in 2005, and stepped in for Jobs again in 2009 when the Apple CEO took a medical leave.
Twitter is also abuzz with the news, and Tim Cook, CEO of Apple and #SteveJobs are trending worldwide (Apple CEO and Steve Jobs trending in India).
Stay tuned for more on the topic.