In a shocking turn of events, Apple’s long time CEO Steve Jobs has resigned from his day to day duties with the Cupertino technology company. While few details are known about the reasons behind this, it is easy to assume that this is in direct relation to Jobs’ health condition.
For the unaware, Jobs suffers from a form of liver cancer. He has undergone a liver transplant in the past, but he still suffers from repercussions of the disease. Previously, he was stricken with pancreatic cancer, which led the removal of parts of his pancreas. He has taken two lengthy medical leaves in the past, but has always maintained a presence at Apple.
Jobs, who announced his resignation in a letter to Apple’s Board of Directors, recommend that the Board “execute [their] succession plan and name Tim Cook as CEO.” The Board did just that, and immediately elected Jobs as the Chairman of the Board. This was at his specific request, as shown in the letter that is quoted below.
August 24, 2011To 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.
Looking at this letter, I think its important to note that Jobs is not leaving Apple. He is merely stepping down from his day to day position as CEO. He will remain on staff at Apple, and serve as the Chairman of the Board. He will still have a seat of power at Apple, and will more than likely continue to shape the company going forward.
In the wake of this news, Apple stock took a dive of almost 5% in after hours trading. That is almost 19 dollars a share, or approximately 17 billion dollars total. That is to be expected with this sort of announcement. only time will tell if the stock manages to recover over the coming days.
We at Techie Buzz wish Steve and his family the very best in this time of transition. We also look for continued innovation and develop from Apple in the future.