Jobs Steps Down from Apple CEO Role
- Wednesday, August 24th, 2011
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Steve Jobs has resigned as Apple’s CEO. Jobs, who underwent a liver transplant after being diagnosed with pancreatic cancer in 2004, said in a short letter to the Apple board that he could no longer meet his chief executives duties and expectations.
In the letter, published on Apple’s website, he writes: “I have always said if there ever came a day when I could no longer meet my duties and expectations as Apples chief executive, I would be the first to let you know. Unfortunately, that day has come.
“I hereby resign as chief executive of Apple.”
Jobs went on to say that he believes Apples brightest and most innovative days are ahead of it, and that he looks forward to watching and contributing to its success in a new role.
Jobs will indeed retain the position of Apple chairman, and while his decision to quit the CEO role will make headlines and give investors cause for concern – Apple shares fell by more than 5 per cent in after-hours trading – it should be noted that he has been on his third medical leave of absence since 17 January, and new CEO Tim Cook has been fulfilling the role in all but name for some time.
Steve Jobs’ letter in full:
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.