Steve Jobs resigns and Tim Cook takes over as Apple CEO

We are surprised and saddened to see the leader who turned Apple into the most innovative tech company in the world, step down. We all knew this day would come but we hoped it wasn’t this soon.

Steve was diagnosed and treated for pancreatic cancer in 2004 and his resignation likely means his fragile health has deteriorated further. He has been on medical leave since January of 2011, but remained involved at Apple, introducing key products and negotiating deals.

Steve stated in his resignation letter that he would like to remain as the Chairman on the Board and he strongly recommends Tim Cook as CEO of Apple.

Apple’s stock is down following his resignation. Shares fell more than $19 or just over 5% in after hours trading.

Letter from Steve Jobs

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

Originally posted 2011-08-25 06:38:27.