Apple chief executive officer Steve Jobs resigned Wednesday, effective immediately. Chief operating officer Tim Cook will take over, as per Jobs’s recommendation. Jobs, who cofounded the company in his garage, has been elected chairman of the board. Jobs, 56, a pancreatic-cancer survivor, has been on medical leave from Apple since January for an undisclosed medical condition. In a letter to the board he said, "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."
Tim Cook: Apple 'Not Going to Change'
August 25, 11:00 AM EDT
Tim Cook is already stepping up to the plate in his new leadership role at Apple. In an internal email addressed to the Apple “Team” on Thursday morning, Cook reassured employees that the company “is not going to change” now that Steve Jobs has resigned as CEO. “Steve built a company and culture that is unlike any other in the world and we are going to stay true to that—it is in our DNA,” he wrote. As COO, Cook has made huge contributions to the company’s success, and Apple has expressed confidence that he is the right fit for the job.
Apple Shares Tumble, Recover Some
August 25, 9:00 AM
Apple shares dropped 5.1 percent in after-hours trading as investors reacted to the news of Steve Jobs' resignation, but pulled up slightly on Thursday morning, paring losses to around 2 percent. Optimists aren’t bowing out just yet. “The market’s going to have a ‘wait-and-see attitude,’” said the chief investment officer of Highmark Capital Management Inc. “It isn’t going to have any short-term implications."
Jobs Will Be 'Active Chairman'
August 25, 6:10 EDT
Is Steve Jobs dying? That is the blunt question on many people’s minds after he stepped down. However, The Wall Street Journal says Jobs’ decision is not about his health: “Mr. Jobs, while seriously ill, is very much alive,” Walt Mossberg writes. “People with direct knowledge of the matter say he intends to remain involved in developing major future products and strategy and intends to be an active chairman of the board, even while new CEO Tim Cook runs the company day-to-day. This is not an obituary.”
Apple’s New CEO: Tim Cook
August 24, 2011 8:15PM EDT
With Steve Jobs stepping aside as Apple CEO, the spotlight now turns to his replacement, Tim Cook. Gawker’s guide to Cook is handy: He joined Apple in 1998 and immediately made a mark by fixing the company’s manufacturing inefficiencies and helping the company to predict demand for its products. He begins his days at 4:30 a.m., hits the gym by 5, appears to subsist on energy bars, and is said to be “calm, quite—and deadly.” As CEO, Cook may also be able to call himself “the most powerful gay man in America,” Gawker says. While Cook has never publicly discussed his sexuality, he was recently named the most powerful gay person in America by Out magazine—and that was before he was the official CEO.
Press Release: Jobs’s Resignation Letter
August 24, 2011
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.
Advice From Steve Jobs on Living and Dying
January 14th, 2009
Wednesday's news that Apple CEO Steve Jobs is resigning gives new relevance to a stirring commencement address he delivered three years ago.
Why I Fired Steve Jobs
June 6th, 2010
The man who infamously fired Jobs, John Sculley, told The Daily Beast's Thomas E. Weber about his regrets, their rift—and how their partnership could have worked.