Steve Jobs Resigns as CEO of Apple

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.

“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.”

“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.

http://www.businesswire.com/news/home/20110824006505/en/Steve-Jobs-Resigns-CEO-Apple

This will be interesting to watch.

End of an era. Farewell Steve.

Stock plunge in 3... 2... 1...

NNNNNNNNOOOOOOOOOOOOOOOOO !!!!!!! T__T

Damn, my stock in Sock Sandals will now be worthless!

...And so the empire finally starts to crumble....

wasn't he sick or something

as they always do when the man at the top leaves.

OT: he still play'z a major roll as chairman of the board. 

From a strategic perspective, this is a great idea. Steve Jobs wouldn't have been able to keep the position forever - better that he takes on a lesser role now, allowing the new CEO to get some experience with him still around to assist in the transition (and stop investors from freaking out), as opposed to delaying it as much as possible and then quitting totally.