Apple boss Steve Jobs resigns as CEO

As expected for a while – but still a surprise when it finally became true – Steve Jobs has resigned as Apple CEO, probably because of medical reasons. Steve Jobs was immediately replaced by current COO Tim Cook, while the Apple board appointed him to the newly created position of Chairman. 

The largest company in the world

Steve Jobs, 56 since February, expanded the company from a home-based enterprise to the most valuable company in the world – according to share prices. Since 1997, start of his second life at Apple after a twelve year absence due to internal differences, Apple changed from a lowly computer manufacturer to an empire of many kinds of electronic devices ranging from music players over mobile phones to tablets. 

Shares rose from 5 to 376 dollar (4 to 260 euro) under his second reign – driven by the immense popularity of products like iPhone, iPod and iPad. Still, some critics claim he is a visionary but a failure as a manager, being “unattractive and oldfashioned” (as Harvard professor William C. Taylor once said). 

Probably (but not officially) for health reasons

Jobs had been diagnosed with pancreatic cancer in 2003, but recovered later… only to find out that the cancer had spread to his liver. He had already been on medical leave since January this year. Some financial analysts expect that without its leader in charge, Apple’s stock will crash down. However, others point to the fact that Cook’s reign in 2009 oversaw a 60% share rise in six months. Cook sometimes is very outspoken, once famously stating that the iPhone is becoming way too expensive.

Full original letter

Steve Jobs’s resignation letter only consisted of eight sentences:

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