Print 97 comment(s) - last by TakinYourPoint.. on Aug 26 at 6:20 PM

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.


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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An end of an era
By vertigo1 on 8/24/2011 7:02:22 PM , Rating: 3
This news is a great shame.... he has achieved some greats things for the industry.

RE: An end of an era
By Philippine Mango on 8/24/2011 7:06:36 PM , Rating: 5
Like selling overpriced garbage to the masses at a 50%+ margin? If you want to call him a marketing genius, be my guest but I don't think he has contributed anything worthy to society. Only our society today thinks it's acceptable to spend $700 on a nerfed computer with a 50%+ profit margin but on the same token piss and moan about the Price of gasoline or healthcare and calling the oil or health insurance companies 'greedy' when their profit margins are in the single digits.

RE: An end of an era
By teng029 on 8/24/11, Rating: 0
RE: An end of an era
By TakinYourPoints on 8/24/11, Rating: 0
RE: An end of an era
By TakinYourPoints on 8/24/11, Rating: 0
RE: An end of an era
By sigmatau on 8/24/2011 9:21:31 PM , Rating: 2
Apple's profit on hardware has been reported as 40%. That is crazy high compared to any competitor. And remember, many times their hardware is based on one generation behind technology, they offer low specs on their computer lines for what they charge. Come on, 4Gb on a $2500 laptop? I will say the iPad has been the opposite of Apple's other products, using some of the newest hardware and having a decent price.

So you got to ask yourself, where does that 40% profit go?

RE: An end of an era
By Pirks on 8/24/11, Rating: -1
RE: An end of an era
By sigmatau on 8/25/2011 5:56:19 AM , Rating: 3
LOL! You found a listing on newegg with a wrong price? Good job!

RE: An end of an era
By Pirks on 8/25/11, Rating: -1
RE: An end of an era
By TakinYourPoints on 8/24/2011 9:55:56 PM , Rating: 2
40% profit margins on laptops, where are you getting that from? Their laptops and desktops are closer to 15%, and their average profit margins among all of their products is around 20%. Great margins, far better than the <5% arena of sub-$800 notebooks that HP just bailed out of, but nothing like the numbers you're talking about.

Their highest profit margins aren't in notebooks or desktops (which happen to be around the same price as when Dell, HP, or Sony makes a product with similar weight:size:performance:battery life balance), they are in smartphones and tablets, almost all of which are comparably priced to or cheaper than the competition. That may be where you are confused and where you are getting the 40% number from.

One reason why they are able to make such high profit margins on tablets, phones, and iPods while other companies make less on hardware with slower specs and inferior physical materials is because Apple makes massive component orders from their suppliers. Buying displays/RAM/SoCs/etc in such bulk years in advance drives their production costs down.

Their new CEO, Tim Cook, seems to be the one responsible for this.

As to where their money goes, its obvious, cash pile which they use to get great prices on components, thus securing the profit margins that they get. Tight business that they run.

RE: An end of an era
By DeluxeTea on 8/25/2011 6:21:05 AM , Rating: 2
Old article, but still somewhat relevant.

RE: An end of an era
By xti on 8/25/2011 9:31:00 AM , Rating: 2
overpriced to who? in reality, if they are selling that many, people arent giving up food for one...maybe you just cant hang $-wise?

someone had to say it...its such an overused excuse...

RE: An end of an era
By Belard on 8/26/2011 9:42:50 AM , Rating: 2
Really? I don't recall MS giving away MS-Office or Windows for free?

Lets see... Retail Windows 7 = $200. OEM or upgrade for a single computer, $100. Apple... $50 for 5 users.

How much is Office? $120 home version, sans Outlook. Otherwise $220 for 2 systems. $400~700 for full Pro.

Libre Office is free, but aint no office 2010.

"Nowadays you can buy a CPU cheaper than the CPU fan." -- Unnamed AMD executive

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