One of those stories that sums itself up quite nicely in the subject line. A number of sources are reporting the same story this morning — that Steve Jobs has stepped down as Apple CEO. His resignation letter and the board’s statement on it is after the jump.
More:
- Feature: The Life Of Steve Jobs, So Far
- Meet Tim Cook: Apple’s New Boss And The Most Powerful Man In Silicon Valley
- The Evolution Of Steve Jobs’s Clothing
- Jobs Will Still Be Actively Involved In Apple’s Future
- Why Steve Jobs Chose The Perfect Time To Resign
Letter from Steve Jobs
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
MacRumors also reports on the official response from the Apple board. Art Levinson issued this statement on behalf of the board:
Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company. 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.
Regarding Tim Cook’s appointment as CEO, Levinson wrote:
The Board has complete confidence that Tim is the right person to be our next CEO. 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.
Update: Apple’s official statement here.
Andrew
Thursday, August 25, 2011 at 8:45 AMSell, sell, sell!!!!
olearymo
Thursday, August 25, 2011 at 8:52 AMyou mean buy buy buy!
The stock will go down after this, and then soar up again after a while. Perfect time to buy!
Andrew
Thursday, August 25, 2011 at 8:58 AMAll I heard was “Buy high, sell low, that’s my motto”. Good luck with that strategy.
olearymo
Thursday, August 25, 2011 at 9:13 AMUmmm… no…? I was saying it’ll go down, then you buy, then when it goes up later, sell.
That sounds like buy low sell high to me. So I’m not sure what you heard but clean your ears out.
Nick
Thursday, August 25, 2011 at 9:20 AMI think he was implying the stock will keep falling.
olearymo
Thursday, August 25, 2011 at 9:24 AMAh, thankyou Nick. At least you can explain what the heck he’s talking about!
I strongly doubt the stock will keep falling. They’ll be bringing out iPhone 5 and so forth later in the year. I seriously can’t see it continue to fall.
Nick
Thursday, August 25, 2011 at 9:28 AMNeither! There’s a reason it’s the juggernaut it is today. This’ll be a minor blip on a very bright future.
Jackson Bison
Thursday, August 25, 2011 at 10:27 AMNo, you definitely said now is the time to buy – i.e. whilst stocks are still high.
We all know what you meant – you just didn’t say it.
olearymo
Thursday, August 25, 2011 at 11:38 AMJackson Bison: “No, you definitely said now is the time to buy – i.e. whilst stocks are still high.”
Er… dude? The stocks are low. They fell drastically. Hence my comment – yes, now IS the time to buy. Do I need to draw this on a blackboard for you?
Andrew
Thursday, August 25, 2011 at 1:39 PMDon’t worry. I do completely understand what you’re saying. That quote was a rehashed Homer Simpson reference which I just couldn’t resist using.
I don’t disagree that what you suggest is a possibillity, but.. losing over 20 billion in after hours trading is not a positive market reaction so far. Assuming that there won’t be further falls come tomorrow is a gamble. Stock will fall, iPhone 5 (and a slew of other products) will be announced shortly. Stock will rise. This news has been as well timed as it could have been.
Luke
Thursday, August 25, 2011 at 11:11 AMOk… if you are willing to pay over $300 a share, share prices did drop but not by as much as when the rumor came out saying that Steve Jobs died, I think it nearly wiped out half of their revenue and it took like 2 years for the stock price to recover.
Kris
Thursday, August 25, 2011 at 12:08 PMThe only faith I have in Apple is its ability to consistently revamp its products to encourage repeat purchases. Too many times I hear people say “I had the iPhone 1, then the iPhone with the camera, then an iPhone with the expanded memory, then the iPhone 2…”
Apple are better at marketing than creating a product that will serve its customers needs. You can decipher that comment as you wish…
fakestevejobs
Thursday, August 25, 2011 at 8:45 AM” I would like to serve, .., as Chairman of the Board, director and Apple employee.”
so staying on in a different role…
Ozoneocean
Thursday, August 25, 2011 at 10:58 AMGenerally that means “in name only”.
Simon Reidy
Thursday, August 25, 2011 at 8:52 AMI know we all poke fun at Job’s relentless spin and dictating style of leadership at Apple, but he’s a still a visionary that turned the company around and produced some incredible products (while reshaping the mobile arena forever).
I hope his health isn’t too bad. I’ll personally miss getting hypnotized by his keynotes. Mind you Tim Cook can spin with the best of them :)
Brandon W
Thursday, August 25, 2011 at 8:55 AMWe need a “Best of Steve’s Keynotes” up on YouTube…just something to look back on.
Trace
Thursday, August 25, 2011 at 8:53 AMMaybe he read my comment in the apple fanboy article and knew i was right.
olearymo
Thursday, August 25, 2011 at 9:02 AMI’m sure that was it.
olearymo
Thursday, August 25, 2011 at 8:53 AMYeah I also hope is health isn’t too bad. It sounds to me like it might be health related.
I think he can be a douche, but I hope he can hold on to his health and enjoy semi retirement
Darren P
Thursday, August 25, 2011 at 9:05 AMProbably true, it might be health related, i hope for his sake and for his family and friends, that it is not.
While many people think he can be pretty dictatorial, few can argue with the success of his lifes work.
It may be argued that he refocused the “tech” industry from revering the “tech” to revering the “experience”, and in doing so made using technology easier for the millions/billions of people that are not “IT pros”
I believe that this will be his legacy, not the iPhones or the iPad.
EckyThump
Thursday, August 25, 2011 at 9:06 AM….. I was gonna say something pithy here, but I really don’t care one way or the other any more! #]
David
Thursday, August 25, 2011 at 9:01 AMDoes that mean we can get flash on iPAd/iPhone now? :)
Slim
Thursday, August 25, 2011 at 9:01 AMApple has confirmed that Jobs will stay on as Chairman.
Daniel M
Thursday, August 25, 2011 at 9:14 AMTime to short Apple stock! I expect the halo effect will start to rub off a bit without Jobs’ star sales skills.
No doubt we still have some brilliant products to see but what goes up must come down and I think the days of Apple charging through the industry like a runaway train along with its overvalued stock are undeniably over.
Maybe we can now go back to Apple being the underdog and the haters can go and urinate on somebody elses lunch. :)
olearymo
Thursday, August 25, 2011 at 9:27 AMFully agreed on most counts Daniel M.
Now that I’m an Apple user I’d love for them to return to a bit of an underdog status, get some REAL innovation going, and clear out the bloat.
Seriously, they’ve been getting like Microsoft lately.
glennc
Thursday, August 25, 2011 at 9:22 AMcan’t wait for the US giz writers to have a cry over this. get ready for every article to be apple related
Commander Shepard
Thursday, August 25, 2011 at 9:24 AM@glennc
Already are.
i am akuma and i will teach you the meaning of pain!
Thursday, August 25, 2011 at 9:36 AMprobably on his death bed imo
anonymous2
Thursday, August 25, 2011 at 10:24 AMhope not.
jack
Thursday, August 25, 2011 at 9:54 AMoh do’h. i am studying software engineering now and want to be a apple software developer and work for apple! i still wanna meet him in the massive apple headquarter!!!! do’h!
vijay
Thursday, August 25, 2011 at 10:25 AMHP killed Web OS
Steve Left Apple
Google brought Motorola
Dell streak discontinued
i’m 2012 is the End
Jof
Thursday, August 25, 2011 at 10:32 AMWaiting with baited breath now for the announcement of the next iPhone, which will reverse any negative effects Steve Jobs resignation will have on the markets.
Joel
Thursday, August 25, 2011 at 10:33 AMWith Jobs as chairman, there’s no way Apple would go under, but I am quite worried about his health.
Apple is his baby and for him to give up CEO means he musn’t be feeling very well.
Wait does this mean no more jeans and turtlenecks?
salmonpie
Thursday, August 25, 2011 at 11:18 AMI’m not much of an Apple fan but, I wish him all the best. Bill Gates should have patented retiring!
Astroboy440
Thursday, August 25, 2011 at 1:22 PMGoodbye wierd dude. No doubt your quotes will plague the media for many years to come though.
Chris jb
Friday, August 26, 2011 at 4:19 PMSo, greed is good? SELL SELL SELL