Apple executive Steve Jobs resigns
Thursday, August 25, 2011
Steve Jobs, founder of Apple, has chosen to step down from his post as CEO of the company. The former , will be succeeding Jobs as CEO. Jobs resigned in a letter to Apple's board of directors stating, "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s C.E.O., I would be the first to let you know. Unfortunately, that day has come." In that same letter, Jobs stated that his desire was to remain as chairman of the board.
Steve Jobs has been fightingsince 2004 and has been on medical leave since January of this year. This was Jobs' third period of medical leave. He briefly made an appearance in March and June to unveil the and the , an online service. In part of his resignation, Jobs left this farewell, "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 will continue to serve Apple with his unique insights, creativity and inspiration|
—Art Levinson, New York Times
Tim Cook was personally recommended by Jobs to take over as CEO and has been serving as interim CEO since the beginning of Jobs' medical leave. Before his post at Apple, Cook held positions at IBM and . He is known for staying out of the spotlight. Due to an operational overhaul by Cook, he is credited with the success of the iPad and . He also stood in Steve Jobs' place while the CEO underwent liver transplant surgery. He received $59 million for his performance in the position.
|A lot of products could have gotten to market earlier, but he wanted it better.|
—Richard Doherty, USA Today
Analyst Charles Golvin predicts that the resignation will not begin to affect Apple performance for 1.5 to 2 years. Many of the new products are already under development and Jobs will continue to steer the company from his position as chairman of the board. Art Levinson, chairman ofand a member of the board, adds, "Steve will continue to serve Apple with his unique insights, creativity and inspiration". A contrary view is offered by Charles O'Reilly, a management expert at , who stated, "Great companies rarely go from strength to strength". Richard Doherty attributes Steve Jobs' success as the ability to hold off on a product until it is perfect. He states "A lot of products could have gotten to market earlier, but he wanted it better."
In light of the revelation, Apple shares (AAPL) slid $19.37 in after hours trading—a drop of over 5%. Since market open, Apple shares rose to $373.72, a drop of only $2.46 since Wednesday's close.
- "Apple Inc." — , August 25, 2011
- Yukare Iwatani Kane. "Steve Jobs Resigns as Apple CEO" — , August 24, 2011
- Nick Bilton. "Jobs Steps Down From Chief Executive Post at Apple" — , August 24, 2011
- "Steve Jobs Resigns: Apple CEO Stepping Down" — , August 24, 2011
- Brian Caulfield. "Steve Jobs Resigns As Apple CEO; Tim Cook To Replace Him" — , August 24, 2011
- Jefferson Graham, Scott Martin and Liz Szabo. "Apple says Jobs resigning as CEO, effective immediately" — , August 24, 2011
- Josh Ong. "New Apple chief Tim Cook regarded as operational genius" — , August 24, 2011