Steve Jobs Steps down from CEO position

[Wendy]

The tech community tonight experienced its own version of an earthquake.

Steve Jobs has resigned as chief executive officer of Apple (AAPL). The company has promoted chief operating officer Tim Cook to the position of CEO and said that Cook will join the company's board of directors. Jobs will become Apple's chairman.

Here is a copy of Jobs' resignation letter:

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

There are no additional details yet on why Jobs is leaving, although the spot assumption is that it's related to the pancreatic cancer for which he received a liver transplant in 2009 (during which time Cook was in charge). The fact that Jobs is taking over as board chairman, rather than resigning that seat too, would seem to indicate that his condition isn't imminently debilitating -- but there also is a strong possibility that the chairmanship is more symbolic than operational.

Apple shares today traded up $2.58 to close at $376.18 per share. As of 6:53pm, it already had lost $22.18 per share, or 5.9% of its value.

[josh.p.]

It's a strange one.... on one hand I'm really not shocked but on the other hand I am really shocked. It will be interesting to see what happens to Apple as a company and their products!

[catrancher]

Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in square holes. The ones who see things differently.

Thanks Steve! It's been a helluva ride! Looking forward to more to come from the kids in Cupertino!

Tom (... fervent supporter!)

[catrancher]

By the way. In case you're interested, here's an interesting retrospective back to Steve's earlier days and the introduction of the Macintosh.



Tom (... been there since then!)