Steve Jobs, 55, a veritable legend in the information technology business who has battled serious health problems for several years, announced in an Aug. 24 letter to the company's board of directors that he is stepping down as Apple's CEO.
Jobs said in the letter that he would like to remain in the company as chairman of the board and as "an Apple employee." The board of directors obliged him.
In the letter, Jobs urged the board to name Chief Operating Officer Tim Cook as the company's new CEO. Cook had served as interim CEO while Jobs took several leaves of absence from his duties to fight pancreatic cancer. The Apple co-founder has been on medical leave since January 17, 2011.
After accepting Job's resignation, the Apple subsequently announced that Cook has been elected CEO.
Here is the text of the letter that Jobs wrote to the board and Apple employees:
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.
The stock market reacted quickly in after-hours trading with Apple
(NasdaqGS: AAPL) common stock dropping 5.5 percent to $355.76 three
hours after the market closed, down from $376.18 at the closing bell.
Reuters reported that "analysts do not expect Jobs' resignation -- which had long been foreseen -- to derail the company's fabled product-launch roadmap, including possibly a new iPhone in September and a third iteration of the iPad tablet in 2012."
For more, read the eWeek article Jobs Resigns as Apple CEO, Will Stay on Board as Chairman.
This article was originally published on 08-24-2011