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’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, in the press release. “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.
Source: Apple Inc.
Steve Jobs’ letter 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
MacDailyNews Take: The end of an astonishing era and the beginning of a new one.
Thank you, Mr. Jobs for everything you have done in an amazing, legendary career. What you have engineered will go down in history as one of the greatest success stories of all time.
Good luck to Mr. Jobs, Chairman of the Board, and to Mr. Cook, Apple Inc.’s new CEO!
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Any word on his health????
Can you think about it, for a minute? “when I could no longer meet my duties and expectations” he said.
However, that’s not the point of discussion here.
Good luck to Mr Jobs and Mr Cook on their new roles; what you all have done for tech has no equal, and I wish it never ends.
Tim Cook is in great health.
Tim Cook is no Steve Jobs. This is awful news for apple fans and for the future of Apple. Without Steve at the helm you no it can only go downward
Thank you. At this important moment we needed some sarcastic naysayer to dump on us. I’ll bet Christmas is a hoot at your house.
Bullshit. Tim Cook is no Steve Ballmer Either. And would it kill you to spell “know” correctly…….
No was spelt correctly in this context!
The second one wasn’t
Doesn’t matter. you understood the message, bitch
“Tim Cook is no Steve Jobs.”
Do you think for one moment that Steve Jobs would pick somebody to succeed him who isn’t up for the task?
I laugh at your tiny, tiny brain.
The fallout from this is that Apple’s share price will likely decrease in the short term, pundits and tech “journalists” will declare Apple dead, and would-be competitors will get cocky(only to have their asses handed to them by Cook at the next earnings report).
And of course Steve is now chairman of the damn board, so he’s still there at Apple in a position of immense power and influence. He hasn’t even left.
Infact, what with his health issues and multiple medical leaves, his position as CEO had been reduced pretty significantly. And yet, during that time, Apple was hitting homeruns out of the park(and Tim was reportedly running the show to quite a degree).
I’d mourn the loss of his pioneering career, except he still has one. I’d mourn Apple, but the sun hasn’t even begun to set on it yet.
Get bent, fool.
Here’s another idiot conclusion, from “analyst” Trip Chowdhry:
“Apple is Steve Jobs, Steve Jobs is Apple, and Steve Jobs is innovation,” Chowdhry said. “You can teach people how to be operationally efficient, you can hire consultants to tell you how to do that, but God creates innovation. … Apple without Steve Jobs is nothing.”
CEO vs Chairman of the Board? What the hell
does that mean? Who’s “in charge”?
NOOOOOOOO
Dear Steve,
Please focus on getting healthy. We will miss you.
😮
Wait, that was supposed to be an astonished face. I wish Steve the best and thank him for his years of exceptional work and accomplishments.
We love you Steve.
Thank you for all the wonderful toys.
Enjoy your retirement. You deserve it.
and a collective “fuhhhhhhhhhhhhh” was heard around the world. Our prayers are with you Steve.
Long Live The Chairman if the Board!
Long Live Apple!
.:.
Please tell me this is a bad dream
It’s all beyond words. Very sad.
Chairman for life and beyond……
Highest praises, Mr. Jobs!
i have confidence in Tim. My question is this: is he the visionary that Steve is? Will the new ‘must have’ products keep coming?
Best wishes to both.
Steve Jobs will still be an active creator & visionary force within Apple as the Chairman of the Board.
That is what he is truly best at & will be for many years into the future. Jobs turned Apple around in the 90’s & hired high quality managers to help him run the company – again. He has been successful at that, as well as keynote presentations & continuing to be a visionary force within Apple’s creative & engineering staff.
All that has changed is that he is now not in charge of running a global corporation Apple Inc anymore, but is still on Apple Board & is the Chief Creative Advisor to Apple.
Steve has a “PS, I Love You” plan for the next 20 years. His vision will be influencing Apple for decades.
Apple is filled with very creative people. The many products you use sprang from the minds of others besides Steve. Steve defined the degree of execution of those ideas. He will certainly be missed, but fear not there are many excellent engineers who will contain use to foment new ideas and execute them to Steve’s standards.
And here is your answer… No he is not; in my opinion.
In a more objective statement I would say we don’t know whether Tim is the visionary that Steve is; although unlikely he may be.
I have confidence in the ‘Apple 2.0’ that Steve created since his return in the 90’s.
There is much substance to Apple Inc today. For starters, it has a strong sense of purpose with equally strong supporting values. It has amassed a great talent pool. And developed an incredibly strong attitude of ‘paddling its own canoe’ with complete conviction and focus. Hence the seismic moments it has delivered to many industries and companies alike.
It’s a cultural thing that Steve Jobs has created. Much more difficult to get right than anything else in business. And Apple will continue to prosper because of it.
Think its been coming for a while, I hope it’s doesn’t mean his health is now too bad.
2nd.
A little of a shock to see this today.
Its like the day the reindeer died.
NOOOOOOOOOOOOOOOOOOOOO!!!!
It definitely was a fun ride!!
Steve: thanks for the great job you’ve done. I hope that you live a long, healthy and happy life. Your Macintosh and iOS have made a good career for me for the past 25 years.
I Second that.
For all the Great ways that he has made our lives Better,
we can just wish him the best with his Health.
By the way, he is not going Anywhere, he is the Chairman of the Board, and his 2 Cents, will always mean Something.
He Can now spend more time with his Family.
(Thank u Steve 4 all that u Gave the World) Thank u.
I third that. Thanks for all you’ve accomplished, Steve. You’ve done amazing work, brought powerful tools to millions, and made investors like me very happy. I wish you all the best in your future endeavors, and may you have a long, healthy road ahead.
I’m behind you, Tim. Let’s get started.
-c
What Chrissy said.
How far will the stock crater tomorrow? $20, more?
Yeah I was just going to mention this.
Apple will be fine with cook.
But… Prepare for the “end of apple” articles tonight/coming week and the stock will tank for a bit…
I think $50. But that’s just me.
Time to get ready to buy some cheaper Apple stock!!! I’m going to make a killing tomorrow!!
Stock is already down more than $20 in after hours trading…. Gonna be a blood bath for a few days.
“Be greedy when others are fearful. And be fearful when others are greedy.”
– Warren Buffett
If you continue to believe in Apple, as I do and will, the ensuing short-term hysteria will present a buying opportunity. Pundits and haters will weigh in, declaring that Apple is doomed. Short sellers and hedge funds will prime the fears and seize the moment. But what will not change is the company’s growth and valuation. And that will present a buying opportunity for the astute investor in a couple of days from now.
As for me, I’ll hold on to my shares and ride out the storm. The next 12 and more months look very promising. And eventually, a stock’s price will reflect its earnings. No news or hype will change that.
More important, I wish Steve Jobs and his family well. I hope his health is kind to him. And I thank Steve Jobs for a life of brilliance, vision and accomplishment. His legacy will be enormous.
Because of Steve Jobs, my life and career changed. Because of Steve Jobs, I met my wife. Because of Steve Jobs, I am in the career that I am. I owe him and those around him a lifetime of gratitude.
This is not the end. Not by a long shot. The impact of Steve Jobs will long outlive his career and life. Few of us could ever imagine doing the same. Thank you, Steve.
Where’s the like button for this post?
1
Thank you for such a beautiful post and tribute. I myself am at a loss for words. Yours helped immensely.
Agree with your post entirely. Well said.
Well said.
1
Brilliant! Great post, Brian.
This is definitely a buy opportunity. Wish I had some cash to invest.
Non-event.
DON’T PANIC.
this means he does have cancer and implies that possibility
not sure how good tim cook will be hes not remotely as charismatic as steve ever was
Go away, please.
If he’s really sick, god forbid, looks like a good way for him to transition out of the spotlight without investors feeling he’s abandoned the company. Live long and prosper Steve. No more Stevenotes, won’t be the same.
I wish him the very best! He was the greatest leader of any corporation on the planet.
Are people REALLY surprised? He’s been grooming Tim Cook for a very long time, and Cook has earned his stripes. While Steve has been more than less in the background over the past 6 months, he hasn’t been hands off. And he won’t be…as long as he’s on the Board. This would not seem to change anything from the past year’s operations and direction. Apple will continue to do very well for a very long time. The company doesn’t need training wheels (and neither does Tim), and Steve has earned the right to step back a bit.
The only real issue is his health. Perhaps this will help him gain strength. May he have several more decades to enjoy life.
Well said. It’s the end of an era that saw:
* modern PCs (remember when MS lovers belittled “windows” as a toy?)
* modern smartphones (Android would be a BB clone and the rest of us would be cursing at WM7.8)
* the iPad (I admit it, I sometimes feel like I’m in a SF movie from my boyhood)
So, thanks to Steve. Good luck to Tim, not that I think he will need it…
Congratulations to Tim Cook. He was the obvious choice. And Apple has been operating this way already, for quite some time. Tim Cook has been the day-to-day CEO and Steve Jobs provided strategic and conceptual guidance; he will continue to do so as Board Chairman.
So Apple won’t miss a beat. The only real change is that Tim Cook gets the title and more external attention. If anyone else was selected to be CEO, it would have been more chaotic and uncertain.
thank you steve!
It looks as Steve can’t handle the stress of his job with his illness. The act of resigning his post seems he is expecting the worst and preparing for it. You have given much Steve, more than most and it was all good.
Come on now… It is just as likely that nothing has change regarding his health. He was already on an extended medical leave, so that means the existing situation was that he should not be “at the job” on a day-to-day basis. And Apple was executing exceptionally well during his leave, because Tim Cook knows how to run Apple on a day-to-day basis.
It probably just became impractical for Apple and the Board to maintain the “medical leave but still CEO” status indefinitely.
God Bless You Steve Jobs. Your vision, efforts & tenacity have no equal. May you find good health as I ponder you have reached your goal with Apple. #1 in THE WORLD. You will NEVER be replaced. All my best. You ARE An American Beauty. Keep On Truckin’
From a customer since 1978 – Thank you for everything, Steve. I especially appreciate your work to create the organ donor registry last year. It’s saddens me that you’ll never receive proper recognition for that today.
Like you, my 1st Mac was my second Apple Computer. I remember writing programs to tape drives as a Freshman in college on an Apple ][.
No fanboi here, just someone who has been a long time customer of an amazing company.
Today I find it extremely hard to summon words.
Get well Steve!
Tim has tough shoes to fill, if that’s even possible. That said, I truly hope Steve a long and healthy life. He’s earned it!