Bye Bye Steve

August 25, 2011 by Naser

Apple announced yesterday the resignation of its CEO Steve Jobs, citing health issues as a reason for his departure. He will, however, remain the Chairman of the Board of Directors. Mr. Jobs will be replaced by Tim Cook, currently the COO of Apple, who has been widely considered as the leading candidate to succeed Mr. Jobs for some time now. Apple’s stock slid almost 5% yesterday after hours upon the news of Steve’s resignation. Steve Jobs has been accredited with the impressive turnaround Apple has seen ever since he retook control of the company back in 1997. Under his tenure, Apple released such reveloutionary products as the iMac, iPod, iPhone, and iPad. Apple’s stock skyrocketed during that period, appreciating by more than 6,400%.

Below is Steve 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.”


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