Wednesday, August 24, 2011

Urgent: Ailing Steve Jobs resigns as Apple's CEO

[Jobs, Cook]

Apple has just announced Steve Jobs' resignation, and the appointment as his successor, Chief Operating Officer Tim Cook. Separately, the board said it had elected Jobs, 56, as its chairman.

In a letter, Jobs had recommended Cook, 50, to the board. His eventual appointment had been expected.

The Wall Street Journal says the timing of the announcement, however, was a surprise and raised questions about the health of Jobs, who was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago.

Still, it seems unlikely the board would have named Jobs chairman if his health had entered a new, more serious phase.

In late trading, Apple's stock recently sold for $355.50, down $21, or 5.5%. It closed in regular trading at $376.18, up 2.6%.

Related: Here's The New York Times' story, and USA Today's.

Full text of Jobs' 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.


[Photos: Apple]


  1. This man is a class act through and through. Vision, forethought, sincerity, and transparency. Gannett could only dream of having a leader like Steve Jobs. I truly wish him well and hope that his health improves tenfold.

  2. Part of the genius about Jobs (besides technology and impeccable design) is ruthlessness at upselling. Every product or upgrade requires a bunch of attachments that cost about $30 each. They are not compatible with other versions of the Apple product. So you spend a bundle and are made feel to elite and special..."I have an appointment at the genius bar!" Will be interesting to see if the cult stops with him or if his team will be able to keep the success going. He knew how to spend on R&D.

    Still, the uncool people who buy cheaper PCs have attachments that are generally compatible across brands/models. On to the tablet wars.

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  4. 11:25, People want to buy the Apple brand no matter what the cost because they know what they're paying for and it's not a cheap imitation, unlike some other products I can think of. When a product has perceived value, people will spend money on it. It's not a difficult concept, really.

  5. Our kingdom for a leader like this: "The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament." Steve Jobs 1999 quote

  6. Too bad Dubow thinks he's doing just fine. Apple's loss of Steve Jobs is a shame.
    G A N N E T T's losing Dubow would be a blessing! And let him take Martore and Dickey with him.

  7. How I would love to have a CEO with the vision of a Steve Jobs instead of the five failures at the top that Gannett is saddled with. Godspeed Steve, you have set a shining example for others to aspire to.

  8. And not a buzzword in his easy to read resignation letter.

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  10. Jobs was a true innovator and I'm sure he'll be missed at Apple.

    On the tablet front....anyone else amazed that HP hasn't taken more of a beating in the press for pulling the TouchPad off the market after just a few weeks?

    Just think of all the research and development, all the marketing, all the brand and concept development, all the channel manuevering, etc and they pull it that quick. Amazing.


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