Steve Job Resigns As CEO Of Apple, Plus His Resignation Letter
In what came as a shock to many, technology pioneer Steve Jobs stepped down as the CEO of Apple after 14 years at the helm and has handed over the reins to the company’s Chief Operating Officer Tim Cook. Meanwhile, Jobs will stay on as Chairman of the Board.
Jobs, a college dropout, started Apple Computer with friend Steve Wozniak in the Jobs’ family garage in 1976. In 1985 a power struggle ensued between Jobs and then CEO John Sculley, resulting in Jobs’ termination that same year. He returned in 1997 and is credited with bringing the company back from near bankruptcy.
The Silicon Valley legend discreetly announced his resignation from the company in a letter to its board of directors yesterday, marking the end of an era.
“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.
In 2003, Jobs was diagnosed with a rare form of pancreatic cancer and underwent a successful liver transplant back in 2009. He has been on an indefinite medical leave since January – his second in the past two years – but did not indicate health issues as the reason behind his resignation.
Today, Apple is the second most valuable company in the world with an estimated market valuation of close to $350 billion.