Steve Jobs has submitted his resignation to Apple’s Board of Directors from the designation of CEO of Apple Inc. He has also suggested Tim Cook to be the new CEO and will remain the Chairman of the Board, director and Apple employee. The request of Jobs were approved effective immediately and he will play “active” role in company’s product strategy.
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
Art Levinson, chairman of Genentech and an Apple board member for more than 10 years, issued this statement on behalf of the board:
Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company. 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.
Regarding Tim Cook’s appointment as CEO, Levinson wrote:
The Board has complete confidence that Tim is the right person to be our next CEO. 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.
Though Steve Job not being CEO will not effect the companies image but to be precise Apple’s stock was paused in after-hours trading at 4:19PM for approximately 35 minutes.. When trading resumed at 4:55, Apple’s stock was down more than 5%.For more updates and news on Apple and its products stay tuned and follow us on Twitter or become a Facebook fan.
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