After the market close today, Apple (NASDAQ:AAPL) CEO and tech visionary Steve Jobs submitted a letter resigning as CEO and requested to take over as Chairman of the Board. In a heartfelt letter addressed to the Board and Apple community, he designated COO Tim Cook as his chosen successor. Cook filled in for Jobs in the past in 2004 and 2009 when Jobs was on medical leave.
Here is a copy of Jobs’ letter published by the WSJ.
August 24, 2011–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.
In recent months, there have been discussions on how much of the Steve Jobs “premium” was built in to Apple’s stock, which passed Exxon briefly as the largest company in the world a few days ago. And while this is impossible to answer for certain, the company and its customers will undoubtedly suffer from his departure. We will take a look at Apple’s history and Jobs’ impact in a subsequent note.
Given Jobs passion for his work, we fear this announcement comes amid setbacks with his recovery.
The Trefis Team and community wishes Jobs a full and speedy recovery, and we send our thoughts to his family, friends and all Apple fans.
