Steve Jobs Resigns As CEO Of Apple, Will Remain Chairman

Tim Cook (interim CEO during Jobs' absence last year) has been named the new CEO, and Steve will remain as Chairman of the Board, director and Apple employee.  

The stock is trading down modestly in afterhours trading to approximately 360, more or less where it was at the open on Tuesday.  This move has been widely anticipated.  Despite its lofty run-up, Apple trades at a forward PE of only 14, and has more than $70 billion of cash on its balance sheet and no debt.

Here's a pretty decent story on Jobs' life.

• 15 Awesome Things We Learned From The 1985 Steve Jobs Playboy Interview

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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

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Official Apple press release:

Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. “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.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “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.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

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This is worth the 60 seconds:

Steve Jobs Talks About Life And Death - Stanford Speech

Comments

[DailyBail]

I'm a big fan of steve jobs, I'll say that from the outset. His company makes great products, albeit manufactured overseas, and his anti-microsoft stance has always been interesting to me. He was a hellion in school, an iconoclast, and never listened to conventional wisdom. I don't own an iphone, an ipad, an ipod or a single apple product. Never have. I just always liked Jobs personally.

What do you guys think about Jobs?

[Boonie]

So what's the *%#@*& big deal? The big news all over the place? So waht? The creature is now in the Board of Directors!

[Dave]

WOW! Thats what I call a shift in Tech-Tonic Plates. I read an article that made a very good point about his success in marketing. It was a point were Google was failing. In short Apple focused one product at a time where Google was all over the place. Google teamed up with Virgin Airlines and gave their customers note books to their customers. Where as Apple focused on the iTouch until it was a hit. Always the anticipation of the next cool thing. Then of course iPhone and so on.

I admire his courage dealing with his health issues and overcoming a lot of obstacles in his life. The Stanford UN speech reached a lot of people including myself. Very inspiring indeed. Regardless of what Apples fights and issues with the market. I still wish the best for the man.

[DailyBail]

Nice comment dave. Thanks for the reminder about the stanford speech.

[Krannie]

"his anti-microsoft stance"

My enemies enemy is my friend? Apple are the biggest software lock-in racket in the history of all humanity.

[Dave]

DB I found this and thought of your question regarding Jobs. I'll post it here and in that one too. A video from a most reliable source and so much better put than perhaps N E one person could do. Hope you enjoy. ; )

6 Surprising Facts About Steve Jobs & Apple

http://finance.yahoo.com/blogs/breakout/6-surprising-facts-steve-jobs-apple-154320399.html?sec=topStories&pos=7&asset=&ccode=