Steve Jobs Resigns as CEO of Apple

[Robin]

Well it finally happened, Steve Jobs has stepped down. It will be interesting to see what direction the company takes in the future as everyone can remember the late 80's-90's Apple era without him which seems to have been liked and hated in equal measure.

Steve Jobs resigns as Apple CEO

55-year-old Apple co-founder, who has been on medical leave since January, becomes chairman as Tim Cook takes helm.

Steve Jobs, the chief executive officer of Apple, has resigned from his position at the technology giant he co-founded in a garage.

The 55-year-old Apple co-founder and pancreatic cancer survivor has been on medical leave for an undisclosed condition since 17 January.

In a statement, Apple said that Jobs had been elected chairman and that Tim Cook had been elected CEO.

In his resignation letter, Jobs said: "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."

Jeffrey Fidacaro of the Susquehanna financial group said: "It's a prudent move to name a successor that is Tim Cook.

"I don't think Wall Street will find that unexpected. It's nice to get a succession plan in place with Steve Jobs still at the helm of the board and guiding Tim Cook."

Trading of Apple shares on Wall Street was halted after hours following the announcement. In regular trading, Apple had gained 0.7% to close at $376.18.

 

[Tornado]

That's an awful lot of positive spin on things considering their stock price is probably going to drop like a stone for a good while in the future.

 

[Mike Rotch]

They could do with an image overhaul and not having him parade around like Tom Cruise in Magnolia, lecturing about another out of this world product would do that; of late they have come across as everything they once stood against.

 

[Tesla]

So does mean we can get a different design from Apple, rather than the same one hehashed over and over.

 

[niky]

Steve Jobs, gone? Nonsense.

Hasn't done a half-bad job, has he? Made trillions of simoleons, launched a bunch of market-changing products... It's good to go out on top.

I have personally laughed at every single new "useless" product Apple has launched in the past decade or so... only to swallow my laughter when they become runaway sales successes.

 

[Touring Mars]

Jobs: "iQuit"

 

[C-ZETA]

Jobs: "iQuit"

"And I don't think I should look for other Jobs now."

That's not funny though

Apple though has become a very strong suit since...well, quite a while back actually. And I mean, very strong. Jobs did his job (no pun intended) very well, so we should be still looking for Cook to do a good job now.

Wonder what their next tasty (pun intended) product will be to get announced.

 

[TheCracker]

Jobs: "iQuit"

👍

 

[PHCharls]

Jobs: "iQuit"

nice one.

 

[jjaisli]

He's no longer CEO, but he IS now chairman of the board. And he owns a lot of Apple stock. So while he's no longer managing the day to day running of the company, he still has a lot of influence over Apple and a LOT to say on the direction they go on a great many things. So I don't think it's quite fair to say the reign of Steve Jobs is at an end. And meanwhile, Tim Cook may lack the rockstar status of Jobs among the Apple faithful, but he's a sharp tack. I think the company is still in good hands, despite investor woes.

Having once known somebody who worked at Apple, although not for Steve directly, I can tell you first hand (2nd hand?), that many of the stories are true. Steve made his presence felt. He was a brilliant and charismatic leader, firmly confident and self assured, highly intelligent, quick of mind and he possessed a singular ability to see the marketing potential of an idea and exploit it. He was the ultimate perfectionist and he was the kind of person any stock holder would want as the CEO. But he was also a condescending, arrogant, megalomaniac who was a terror to work under. And many former Apple employees, who went to work for the company as died in the wool Apple fanatics, left the company with bruised and battered egos and nothing but utter contempt for the man.

That said, it's pretty clear to anybody who's followed Steve's career, that his resignation is all too likely related to his health issues. The man had pancreatic cancer and a liver transplant in the last few years. He's anything but the picture of health. I wish him well.