Says he can "no longer meet" his duties
After periods of illness it was only a matter of time before it happened, but Steve Jobs has now handed in his resignation of CEO of Apple.
In a short letter to the board, Jobs said, “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,” the letter continued.
Jobs recommended that Tim Cook should be promoted to fill his role, a move the board has already approved, even updating the Apple Executive Profiles online.
Jobs’ resignation follows periods of ill-health. After he successfully battled cancer and had a liver transplant he took medical leave from Apple at the start of this year.
For Apple, now, there are questions over how the company can progress. Steve Jobs is such an influential figure at the company, reviving the company’s fortunes after he returned as CEO in 1996, that replacing him is no easy task. Upon the news of his resignation, Apple shares dropped by seven per cent, while Samsung (currently being sued by Apple) saw its shares rise by 2.6 per cent.
These kind of fluctuations are to be expected given the announcement, but as Jobs remains Chairman of the Board at Apple, his influence will still be felt at the company. With the success of recent products, including the new MacBook Air, iPhone 4 and iPad 2, Apple has a bright future ahead of it for many years to come. The real question is, will Apple continue to innovate and create new markets or rely too heavily on its current product range and slowly fade away?