Steve Jobs, the iconic co-founder of Apple, has resigned as the CEO of the company, saying that the day when he can “no longer meet my duties and expectations as Apple’s CEO” is here. Apple COO Tim Cook, Jobs’ successor in waiting, has been appointed CEO, while Jobs has been retained as Chairman of the company’s board.
55 year old Jobs has been suffering from a rare pancreatic cancer. In 2004, when Jobs underwent surgery for cancer, Cook had overseen day to day operations. Cook has been with the company for 13 years, and as COO, was previously responsible for 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, involved in development of strategic reseller and supplier relationships.
Apple is currently the largest technology firm in terms of market capitalization. For the last quarter, the company reported a record net profit of $7.31 billion on revenue of $28.57 billion, with international sales accounting for 62 percent of the quarter’s revenue. It sold 20.34 million iPhones, 9.25 million iPads, 7.54 million iPods and 3.95 million Macs. Keep in mind that Apple is heading into the final quarter of the year, which is the festive season, and typically the best quarter for device manufacturers.
Jobs also co-founded and was the CEO of Pixar Animation Studios, after he left Apple in 1985 after a corporate power struggle. Pixar was acquired by Disney. Jobs returned to Apple in 1996 after it acquired his venture NeXT, and was appointed CEO in 1997. His resignation letter to Apple’s Board:
Letter from Steve Jobs
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.