[Eug]

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

CUPERTINO, Calif.–(BUSINESS WIRE)–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

---

Steve Jobs resigns as CEO of Apple

Steve Jobs Resigns as CEO of Apple

Tim Cook Named CEO and Jobs Elected Chairman of the Board

CUPERTINO, Calif.--(BUSINESS WIRE)--Apple's Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple's Chief Operating Officer, as the company's new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

"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."
"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "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."

"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "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."

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries. He also headed Apple's Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

[subego]

Well... that's a low note for today.

[lpkmckenna]

The end of a fantastic era.

[Eug]

Hope he's OK.

In the meantime... AAPL ended the day at $376.18, and after hours it's at $375.50. The news hasn't shown up in a large way in the stock ticker news yet though. However, I wonder if the market will be more tolerant of his leaving, given that Steve Jobs has been away from day-to-day operations for quite some time already, and he's still Chairman.

P.S. Today the market cap of Apple is $348.75 billion. Exxon is $357.56 billion. MSFT is $208.62 billion, and Dell is $27.69 billion. Big Brother is $199.16 billion.

[MacinTommy]

Well... this is better than him dying while he is CEO and instead this will be an easier transition.

[The Final Dakar]

Just heard this getting home. Hope he still has some significant time left in that body.

[Lateralus]

Man, the end of an era. How surreal.

[Eug]

On Bloomberg TV right now

AAPL at $356, down $20.18 (5.36%).

[Lateralus]

The NASDAQ is gonna love that tomorrow...

[hyteckit]

He is planning to run for President of the US.

[wadesworld]

Sadly, I think there's only one reason Steve job would do this: his health is continuing to decline and he doesn't have much longer.

[turtle777]

Unfortunately, you're right

Godspeed, Steve.

-t

[Big Mac]

I'm saddened that this day has come, but it was clearly time for him to give up the title.

Originally Posted by MacinTommy 

Well... this is better than him dying while he is CEO and instead this will be an easier transition.

Exactly! That was a big concern of mine. He's definitely done the right thing for shareholders.

Completely shocked me. I figured that after getting his health checked out he came back with new fire in his eyes and would be around for a lot longer... still have no idea what to say, just surprising.

And everyone's saying it: Stocks are definitely going to bomb tomorrow... but they'll eventually recover (I say 1-2 months), Steve Jobs is just one man; the whole company is growing fast.

[freudling]

I've been saying for the past several years it's a miracle Steve has been kept alive as long as he has. His cancer had already returned and he fought it off. This time, a third time, from what I've read, he has been being treated for cancer again with Chemo. The last time I saw him at that Cupertino meeting I just gasped: how was he even standing? He had no weight left.

Sadly, I think his days are very numbered. And while so many people love to lynch those who think Apple is dead after Jobs, I think Apple will start to fall within a few years.

The tech industry is totally messed up. There's Apple, then the rest of the losers. RIM, HP (although I like webOS), MS, Acer, Nokia... most struggling, and just copying without any of their own vision.

This is horrible. I feel like crying. Sigh.

[sdilley14]

Crazy. That happened fast. Obviously this is something they have been planning/preparing for for quite some time, so I don't expect the company to act like a chicken with its head cut off by any means, but this certainly won't bode well for the stock value. Like someone else said though, better it happens this way than to have him die or have something catastrophic happen while he is still CEO. He's still on the board and I expect he will still make some significant contributions in the years to come.

[CreepDogg]

Definitely didn't expect it, but not really that surprised to hear it. We all knew this day was coming at some point. As others have said, it's basically happened in the best possible way. Godspeed Steve.

Going to have to think about getting in on the AAPL sale the next few days...

[Eug]

Originally Posted by sdilley14 

Crazy. That happened fast.

Eh?

Steve Jobs was diagnosed in 2003, and the surgery was in 2004. He then had a liver transplant in 2009. This has been a long time coming. I'm actually a bit surprised he didn't step down earlier (like 2 years ago).

[turtle777]

I think it's too early to tell if Tim, Johnny and the gang can or can't keep Apple going strong.

Apple for sure has gathered a lot of talent. I doubt they'll just fall apart.
Hopefully, Tim is more of a visionary and out-of-the-box thinker than he was able to show in his COO role.

-t

[iM@k]

Whoa. Before I read this, I was deciding what clothes to wear tomorrow on my flight to Denver.

Before learning of this I had chosen to wear my 2007 MW Expo T-Shirt, the one from the party where Cheap Trick Played.

I now ask if you have any Apple/NeXT/Pixar/MW swag, please wear it tomorrow to pay tribute to the man who taught us to think different.

[besson3c]

Originally Posted by turtle777 

I think it's too early to tell if Tim, Johnny and the gang can or can't keep Apple going strong.

Apple for sure has gathered a lot of talent. I doubt they'll just fall apart.
Hopefully, Tim is more of a visionary and out-of-the-box thinker than he was able to show in his COO role.

-t

What did he do wrong in his COO role?

[Lateralus]

Originally Posted by turtle777 

I think it's too early to tell if Tim, Johnny and the gang can or can't keep Apple going strong.

Wan't Jony rumored to be looking elsewhere not too long ago?

[ironknee]

Originally Posted by Eug 

Hope he's OK.

In the meantime... AAPL ended the day at $376.18, and after hours it's at $375.50. The news hasn't shown up in a large way in the stock ticker news yet though. However, I wonder if the market will be more tolerant of his leaving, given that Steve Jobs has been away from day-to-day operations for quite some time already, and he's still Chairman.

P.S. Today the market cap of Apple is $348.75 billion. Exxon is $357.56 billion. MSFT is $208.62 billion, and Dell is $27.69 billion. Big Brother is $199.16 billion.

eug

any way to find hot aapl's market cap in 1997 when steve came on?

get well steve

[turtle777]

Originally Posted by besson3c 

What did he do wrong in his COO role?

Nothing.

He would fail to be a good CEO if he continues to operate as a COO.

-t

[Lateralus]

Originally Posted by ironknee 

any way to find hot aapl's market cap in 1997 when steve came on?

Apple Inc.: NASDAQ:AAPL quotes & news - Google Finance

Do an All on the chart, extrapolate from share pricing.

[Eug]

Originally Posted by ironknee 

any way to find hot aapl's market cap in 1997 when steve came on?

$2.x billion

[el chupacabra]

I think this thing with him moving to chairman of the board is just a way to render a softer blow to the investment community. He's been on leave a while; he can't really do much for Apple now. I hope he's on a paradise beach somewhere. Or doing something to relax in his last days.

[ironknee]

Originally Posted by Eug 

$2.x billion

thx wow

[Andy8]

I wonder why they released this today and not tomorrow, time could be tight for Steve.

[Lateralus]

Or late Friday, as one would generally expect.

[Eug]

Originally Posted by Andy8 

I wonder why they released this today and not tomorrow

What's happening tomorrow?

[Hawkeye_a]

Sad day, that's for sure.

Having said that, i think it's about time he focused on his family, given his alleged health situation. Hope he's alright. Thanks Steve

[Andy8]

The weekend would have time to digest this better and the market would not tank so much as it is expected to do tomorrow.

[Lateralus]

Oh, yeah, time zones. Those things. It's already Thursday in China.

[Eug]

Originally Posted by Andy8 

The weekend would have time to digest this better and the market would not tank so much as it is expected to do tomorrow.

Nah, I don't think it makes any real difference.

Last time he stepped down, it was on a Monday (Jan. 17, 2011).

[besson3c]

Has the Apple store webpage been temporarily down for maintenance yet?

[Eug]

No, but here are the official press releases at Apple:

Apple - Press Info - Letter from Steve Jobs
Apple - Press Info - Steve Jobs Resigns as CEO of Apple

[Shaddim]

Good luck to Steve, I hope he'll be with us a while longer.

That aside, get ready for a great sale on AAPL.

[ironknee]

Originally Posted by Lateralus 

Apple Inc.: NASDAQ:AAPL quotes & news - Google Finance

Do an All on the chart, extrapolate from share pricing.

OH HEY, I DIDN'T SEE THIS BEFORE THANKS

oops sorry for caps..is there a way to set the chart from 1997 to 2011 only?

thx again

[k2director]

What a loss for all of us.

I've been a fan of Steve's since 1987, when I got my first Mac. I wish him and his family the best.

[lpkmckenna]

Originally Posted by wadesworld 

Sadly, I think there's only one reason Steve job would do this: his health is continuing to decline and he doesn't have much longer.

Maybe. A person can be strong enough to live many years but still too weak to work. And he is planning to continue working as Chairman and director.

[freudling]

I know people are still clinging like Steve's still Chairman. It's over. They're just saying this to save the stock from tanking.

Steve and Apple are no longer.

What brand would you jump to if Apple faded and sort of just died out?

[besson3c]

Originally Posted by freudling 

I know people are still clinging like Steve's still Chairman. It's over. They're just saying this to save the stock from tanking.

Steve and Apple are no longer.

What brand would you jump to if Apple faded and sort of just died out?

I think that's an unrealistic hypothetical. Apple will be fine.

[Shaddim]

Originally Posted by freudling 

I know people are still clinging like Steve's still Chairman. It's over. They're just saying this to save the stock from tanking.

Steve and Apple are no longer.

What brand would you jump to if Apple faded and sort of just died out?

He'll still be pitching in as an adviser, and they'd be idiots not to listen to him. They know that, he'll still be contributing, things are fine.

Done trolling?

[ort888]

It will be at least 3-4 years after his death before we see what Apple is like without Steve around. I don't see a big difference between Steve as day-to-day CEO and as a high level advisor. He's surrounded himself with the best. Built the company the way he wanted it and they should be able to execute his vision for a while before hitting unknown waters.

At any rate, what he provided was a singular voice. An end to the era of design by committee. The courage to make bold moves that most companies lack. None of what he did would have been possible without thousands of amazing people making the company go. Those people are still there.

Part of me actually thinks the current Apple might be better off without Steve Jobs. We've seen his vision for a while now, I'm interested in seeing someone with a more compromising attitude toward some things would be. I'll explain more later.

[imitchellg5]

Tim Cook will be an excellent CEO. It's sad to see Jobs go, but the writing has been on the wall for a few years now. I'm just glad the company is left in very capable hands.

[olePigeon]

Steve Jobs demos Apple Macintosh, 1984 - YouTube

[Lateralus]

I hope somebody, somewhere, is holding film-quality recordings of various Apple keynotes and is in the process of internetifying them...

[Kerrigan]

I can't wait to see who the next great capitalist visionary is. Steve's vision brought us into the post-PC era--now who will figure out what's next?

[Athens]

There is a chance his health has not taking a turn for the worse but this is a weaning process. He is staying on the board of directors for Disney. They might be doing this now before new product launches so as the news is forgotten he is not CEO any more stocks will rebound with the new products. And a few years of Apple running apparently fine with out him the eventual day of his death it won't be as much of a shock.

If his health has taken a serious turn for the worse I dont expect him to make it next year. Watching how QUICKLY one of our political leaders recently died to cancer I have a entirely new appreciation of Cancer. In a span of 2 months a relatively fine and healthy individual looked like total crap and sounded worse then 6 weeks later dead. I always had the impression that Cancer took longer to kill. So perhaps im wrong and Steve is slowly losing a battle. I hope the above is correct its a weaning process.