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Steve Jobs  (Source: Gawker)

A younger, hairier Steve Jobs
Steve Jobs is leaving his position as Apple CEO

We just don’t know what to say. We’ve just learned that Steve Jobs is resigning as CEO of Apple, Inc. Tim Cook will now be fulfilling his duties. Jobs notes that he can no longer serve as CEO of Apple, and it is most likely due to the leave of absence he took in January from the company. Jobs has battled pancreatic cancer and received a liver transplant in early 2009.

Here is Jobs' letter to his fellow Apple employees (and the legions of faithful customers) in full:

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

Here is the press release in full regarding the handoff in power to Tim Cook:

Tim Cook Named CEO and Jobs Elected Chairman of the Board

CUPERTINO, Calif.--(BUSINESS WIRE)--Apple's Board of Directors today 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.

"Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries. He also headed Apple's Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

Steve Jobs and his friend Steve Wozniak founded Apple Computer in 1976. He left the company in 1985 following a bitter power struggle with then CEO John Sculley (former CEO of Pepsi-Cola) and went on to found NeXT Computer. Jobs would later return to Apple in the capacity of "Interim Chief Executive" in the fall of 1997, and later officially regained the title of CEO.

Since that time, Jobs has overseen a massive resurgence for Apple with the launch of Apple Retail Stores, the original iMac, iPod, the iPhone, and the iPad -- each of which has made huge waves in their respective markets (not to mention other successes in between like the iTunes Music/App Store, OS X, etc.). Just this week, it was revealed that Apple's retail stores rake in $5,226 per square foot, more than any other retailer in the United States.

Likewise, Apple is -- for now -- the second most valuable company in the world with a market cap of $348 billion USD.


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Let's see where this leads
By cjohnson2136 on 8/24/2011 6:51:30 PM , Rating: 2
My stream has been blowing up with this news. It will be really interesting to see what Tim Cook does now that he has the reins to Apple.




RE: Let's see where this leads
By teng029 on 8/24/2011 6:54:23 PM , Rating: 2
Tim Cook has been essentially running Apple since Jobs took his leave of absence. Of course Steve = Apple, so it will be an interesting transition time for the company. In the long run however, I think Cook (who admittedly isn't as charismatic a personality as Jobs) will do just fine.


RE: Let's see where this leads
By someguy123 on 8/24/2011 6:58:27 PM , Rating: 4
Even though Cook has essentially been running apple for quite some time, I get the feeling that people will be backing off from apple simply due to the lack of Job's presence.

Such is the life of a company based solely on brand image.


RE: Let's see where this leads
By Mitch101 on 8/24/2011 7:00:42 PM , Rating: 4
Anyone checking Pirks and Tony for a pulse? Maybe we need to put them on watch?


RE: Let's see where this leads
By Spuke on 8/24/2011 7:06:23 PM , Rating: 3
"Pilot to copilot, we're going down in flames!!!"


RE: Let's see where this leads
By Tony Swash on 8/25/11, Rating: -1
RE: Let's see where this leads
By Tony Swash on 8/25/11, Rating: -1
RE: Let's see where this leads
By Pirks on 8/24/11, Rating: -1
RE: Let's see where this leads
By Mitch101 on 8/24/2011 7:13:43 PM , Rating: 5
Down 6% in 6 minutes. Burn Baby Burn


RE: Let's see where this leads
By Mitch101 on 8/24/2011 7:15:02 PM , Rating: 2
Pirks Your Tickering it wrong.

Look at after hours trading.


RE: Let's see where this leads
By Pirks on 8/24/11, Rating: 0
RE: Let's see where this leads
By Mitch101 on 8/24/2011 7:17:07 PM , Rating: 2
After Hours: 353.50 Down 19.93 (5.30%) 6:58PM EDT
http://finance.yahoo.com/q?s=aapl&ql=1


RE: Let's see where this leads
By Pirks on 8/24/2011 7:20:57 PM , Rating: 3
Ah I see now. It went up to -4.5% and now back to -5%.
Well -5% is not exactly a catastrophe ya know :)))
We'll see. I expected something much worse. These few percent are freakin' peanuts. Looks like investors are not afraid of Cook. Oh well... more disappointment for WinPC fanboys then, Motoman won't be happy at all I'm sure ;)))


RE: Let's see where this leads
By Motoman on 8/24/11, Rating: -1
RE: Let's see where this leads
By Pirks on 8/24/2011 8:07:04 PM , Rating: 3
And I suppose you think AAPL is going to go down 5% every single day from now on? Are you even serious Moto??? Maybe, uh, time to see a doctor again, eh, Moto? ;)


RE: Let's see where this leads
By Mitch101 on 8/24/2011 8:15:51 PM , Rating: 2
You might want to hold off commenting more until tomorrows opening bell.

When everyone is made aware on the news tonight what has transpired.


RE: Let's see where this leads
By Mitch101 on 8/24/2011 8:17:10 PM , Rating: 2
Looks like we reached the reply level where it cant draw the lines correctly.

My comments were directed to Pirks.


RE: Let's see where this leads
By Pirks on 8/24/2011 8:42:01 PM , Rating: 1
quote:
You might want to hold off commenting more until tomorrows opening bell
Why don't you tell this to Motoman?


RE: Let's see where this leads
By lagomorpha on 8/25/2011 7:54:26 AM , Rating: 2
Well... there's always hoping.


RE: Let's see where this leads
By Motoman on 8/25/2011 9:56:20 AM , Rating: 2
Yup. Down about 8% now, at 10:00 EST 8/25.

Where's that investor faith, Pirks?

Where's all the "smart" investors rallying to AAPL?

...what was I supposed to be waiting for today?


By Brandon Hill (blog) on 8/25/2011 10:03:42 AM , Rating: 2
I'm only seeing it down 1.8%


RE: Let's see where this leads
By TakinYourPoints on 8/25/2011 4:04:28 PM , Rating: 2
AAPL ended the day down about .6% on a day when the broad S&P ended down 1.5% and the NASDAQ ended down 2%.

You are a Wall Street genius


By TakinYourPoints on 8/26/2011 6:20:53 PM , Rating: 2
And on the 26th AAPL closed up almost 3% at $383.

Motoman, you prove your intelligence and prescience time and time again, never change


RE: Let's see where this leads
By Pirks on 8/25/2011 5:24:29 PM , Rating: 1
quote:
Where's that investor faith, Pirks?
Up your sorry ass as usual Moto. Sorry to see your sad face at the end of the day, and your hopes of the AAPL plunging down evaporating like a morning fog :P hehehe

One more dumb PC troll down. Not bad for today eh


RE: Let's see where this leads
By Tony Swash on 8/24/11, Rating: -1
RE: Let's see where this leads
By DigitalFreak on 8/24/2011 7:23:59 PM , Rating: 5
I see that alternate reality you live in still exists. Nobody was celebrating the fact that Steve-O had cancer.


RE: Let's see where this leads
By B3an on 8/25/11, Rating: 0
RE: Let's see where this leads
By Mitch101 on 8/24/2011 7:25:23 PM , Rating: 5
Did I mention cancer here?


RE: Let's see where this leads
By luseferous on 8/24/2011 7:26:31 PM , Rating: 5
quote:
but I would never have rejoiced if I had discovered Bill Gates or Steve Ballmer had cancer.


Nice leap of logic. Comments on apples share prices are an attack on Steve Jobs medical condition how ?


RE: Let's see where this leads
By JasonMick (blog) on 8/24/2011 7:45:26 PM , Rating: 5
quote:
Nice leap of logic. Comments on apples share prices are an attack on Steve Jobs medical condition how ?
To attack his religion is to attack his god, apparently....

But Mr. Swash's commentary aside, this is sad news.

I don't think even most of Apple's harshest critics would seriously wish this on him.


RE: Let's see where this leads
By Mitch101 on 8/24/2011 8:00:31 PM , Rating: 2
Agreed I think Apple forced Microsoft to be great. Its just like the ATI/NVIDIA war without NVIDIA ATI would have continued to have horrible drivers. Competition is a good thing.

Me personally if Apple was more Open I might have accepted their products because it takes more than a fancy interface for me to sign up. I ask well how do I upgrade it? I have to sell it and buy a new one to me thats a major design flaw because I eventually reach the limits of my devices. The products lack flexibility that I require in a device (Memory slots, Flash, changeable batteries, etc) I even considered a MAC Air until I found out you cant swap the SSD? Why SSD's will get bigger and faster WHY WHY WHY?

Still I believe Apple created and pushed the markets forward and great devices are coming from everyone because of that vision. But I find every one of thier innovative products are so close but lack that final option for me. Some as simple as a memory slot on a device that has a digital camera/video recorder.


RE: Let's see where this leads
By FastEddieLB on 8/24/2011 8:46:57 PM , Rating: 2
quote:
I think Apple forced Microsoft to be great.


Watch Pirates of Silicon Valley. Very informative dramatization. Gets a few things wrong, but most of it right.


RE: Let's see where this leads
By Mitch101 on 8/24/2011 9:05:05 PM , Rating: 2
That was a good flick. Ive seen it at least twice.


RE: Let's see where this leads
By TakinYourPoints on 8/24/2011 8:18:33 PM , Rating: 2
quote:
I don't think even most of Apple's harshest critics would seriously wish this on him.


http://hardforum.com/showthread.php?t=1631716

Its actually really easy to find.


RE: Let's see where this leads
By ssjwes1980 on 8/24/2011 10:00:34 PM , Rating: 2
Lol I was there before I came here your right there where some that made light of his health. Still love the site though...


RE: Let's see where this leads
By Reclaimer77 on 8/25/2011 7:45:55 AM , Rating: 1
lol that's proof of what? There are some real crazies and social rejects on the Internet. But finding one forum post by obvious kids who are trying to look cool by being mean isn't showing us anything new. We cannot know what truly lies in the hearts of men, I think lots of people say stupid things they don't mean. We all do from time to time. But deep down, very few people would actually wish cancer or death on someone and mean it.


RE: Let's see where this leads
By kleinma on 8/24/2011 8:07:14 PM , Rating: 2
Interesting you left Paul Allen off your list, who did have cancer. I guess you did rejoice over that one?


RE: Let's see where this leads
By Tony Swash on 8/25/11, Rating: -1
RE: Let's see where this leads
By msheredy on 8/24/2011 7:23:22 PM , Rating: 3
Only tech geeks like ourselves look at it like this...

Steve Jobs = Apple

What every one else out there sees is this...

Apple = Cool gadgets

Apple's image was never based on "Steve Jobs."

It's a sad day for a any CEO of only 55 years to have to step down. It takes a big man to know when the time is though.

Godspeed Steve.


RE: Let's see where this leads
By Boze on 8/24/2011 9:19:44 PM , Rating: 3
Steven P. Jobs is a jackass and a control freak.

However, I don't wish death on anyone, certainly not in the form of cancer. Additionally, it must be heartbreaking to realize that you can no longer do what you love. I would be devastated if I was told I could no longer be a biologist, so I empathize with him.

As much as I hate to admit it, Apple will probably be a lesser place without Jobs.


RE: Let's see where this leads
By msheredy on 8/25/2011 11:56:20 AM , Rating: 2
quote:
Steven P. Jobs is a jackass and a control freak.


Be as it may, I surely don't know first hand, do you? If this is the kind of person that can take a company from almost declaring bankruptcy to having the most market cap ahead of big oil then we need more people such as Steve in the world.


RE: Let's see where this leads
By someguy123 on 8/24/2011 9:48:21 PM , Rating: 2
I don't see Steve Jobs as Apple by any means.

If you don't think that Jobs is part of the apple brand, well, you don't seem to pay attention to these device launches, or the cult-like following Jobs has.

The general public sees apple as shiny gadgets. The loyalists/reporters see Jobs as a genius that can do no wrong. The investors see Jobs as the one spearheading innovation. People interested in technology just see apple as another company.

I have nothing against apple or jobs personally. I just believe apple will take a hit simply from this news, even though they've yet to slow down during the time Jobs has been out due to illness.


By voodoochile123 on 8/25/2011 7:21:55 PM , Rating: 2
Well put msheredy.

It's very sad, all this technology we have nowdays, and one of the worst diseases known to man is still running rampant and killing great people. That is the big story to me, and a very sad one.

Apple will be fine.


RE: Let's see where this leads
By TakinYourPoints on 8/24/2011 7:02:18 PM , Rating: 2
Cook has been running Apple for years, he's a huge reason why they are one of the tightest operational ships in the industry. Otherwise Apple has some of the smartest engineers and designers in the world working for them. It is all about rolling forward from here.


RE: Let's see where this leads
By TakinYourPoints on 8/24/2011 8:33:57 PM , Rating: 2
Relevant article on Cook: http://money.cnn.com/2008/11/09/technology/cook_ap...

At one point he got days-on-hand for inventory down to 0.4, which is insane. Most companies measure their inventory by weeks-on-hand


RE: Let's see where this leads
By Pirks on 8/24/11, Rating: -1
RE: Let's see where this leads
By formulav8 on 8/25/2011 9:23:04 AM , Rating: 2
You sound like a Football analyst deciding on how the team can win without its star quarterback.


RE: Let's see where this leads
By Tony Swash on 8/25/11, Rating: -1
RE: Let's see where this leads
By mondo1234 on 8/24/2011 10:33:39 PM , Rating: 1
Thank god Brandon wrote this. Now Jason Mick won't have to F it up with his usual Blog BS.


"There is a single light of science, and to brighten it anywhere is to brighten it everywhere." -- Isaac Asimov














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