Steve Jobs resigns as CEO of Apple

In a press release, the Board of Apple 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.

In his letter, Steve Jobs stated:

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

In May 1985, Jobs was fired from Apple by the company’s chief executive officer (CEO) John Sculley and the board. Jobs rejoined Apple in 1997, after Apple acquired NeXT, a company Jobs had founded after leaving Apple.

Apple has been on the forefront of innovation over the past decade with several generations of the iPod, iMac and the iPhone among others. What does his resignation mean for Apple? Time will tell…

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