End of an era: Steve Jobs resigns as Apple CEO

Last updated: 9:45 PM ET

Apple says Steve Jobs is resigning as CEO, effective immediately.

The company said Wednesday that Jobs will be replaced by Tim Cook, who was the company's chief operating officer.

It said Jobs has been elected as Apple's chairman.

The 56-year-old, who co-founded Apple with Steve Wozniak on April 1, 1976, is a survivor of pancreatic cancer.

Jobs has been dogged by a string of health problems in recent years that forced him to take periodic leaves of absence from the company, CNET reports. Jobs announced in January that he was taking an indefinite medical leave from Apple--his third in recent years--and handing over day-to-day responsibility to Cook.

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Steve Jobs shows off the MacBook Air, Jan. 15, 2008

/ Dan Farber

In a press release, Apple said: "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. 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."

Tim Cook was Apple's chief operating officer, running its day-to-day operations, since 2007. He has twice taken over CEO duties during Jobs' recent medical leaves.

According to his official Apple bio, Cook earned an M.B.A. from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University. Prior to joining Apple, Cook was vice president of Corporate Materials for Compaq, chief operating officer of the Reseller Division at Intelligent Electronics, and director of North American Fulfillment at IBM.

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New Apple CEO Tim Cook

/ Chris Hondros/Getty Images

When Cook took over day-to-day duties from Jobs in January 2009, he was queried about the future of the company without Jobs as CEO. He responded, "I think regardless of who is in what job, those values are so embedded in this company that Apple will do extremely well."

In after-hours trading, Apple's stock took a hit, dropping more than 4 percent, reflecting uncertainty about Apple's future ability to continue its high level of innovation without Jobs at the helm.

"Apple has a product pipeline of a couple or three years--what will they have after that? Will Tim Cook be able to come up with a product out of the box like iPhone? Apple has a strong bench and deserves the benefit of the doubt," New York Times business columnist Joe Nocera said on CNN.

"Steve has been on medical leave for eight months, and Apple became the most valuable company in the world," said Steven Levy, a senior writer at Wired and author of "In the Plex: How Google Thinks, Works and Shapes our Lives."  "Between his partial contributions while on medical leave and the values that he has baked into the company, Apple still operates at a super-high level."

Randall Stephenson, chairman and CEO of AT&T issued a statement and the changing roles at Apple: "Steve is one of the industry's most gifted entrepreneurs, visionaries and creative minds, and has been one of AT&T's closest business partners for several years. We celebrate his accomplishments and wish him all the best. And we look forward to continuing to collaborate with Tim Cook and his team in enabling innovation in the mobile ecosystem."

Below is the full text of the letter Steve Jobs wrote announcing his resignation:

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

[Imthaid2]

It doesn't matter. I will never buy any Crapple products.

[joeyjr]

Finally, he had to step down because of his AIDS. He will be dead soon!

[Socialization]

I think you might be thinking about Time Cook.

[joeyjr]

To BaselessCritique, I am little. I am sad because of your belief Jobs is a good man, which his not. Homosexualtites blame others for their Lifestyle.
To the others who "THINK". They should put their ideas down on paper first then they will change what they write, so people can understand.

[Socialization]

No one admires Steve Jobs more than myself and I own lots of Apple stock and of course their products. What I find interesting about the lefts adjuration of Steve Jobs however are certain passes they give Apple as a Corporation that they use to attack others. For instance, almost all of Apple's products are produced in Taiwan and China. They are the kings of outsourcing. They are one of the largest companies in the world with the smallest workforce directly working for them and they have accumulated 10's of billions may 80 billion or so and are a lose lobbying for the Tax Break amnesty on monies overseas.

Then there is this did bit back in 2006 in order to avoid California taxation....

Business Week

APRIL 5, 2006
TECHNOLOGY

By Arik Hesseldahl

Apple Takes Its Bankroll to Reno Loaded with growing cash reserves, the computer maker has created
an asset-management firm in a state with fewer taxes and looser ties with the IRS

Apple Computer is breaking records with sales of its popular iPod music player -- and has the coffers to prove it. Now the Cupertino, Calif.-based computer maker has come up with what could be a smart way to manage part of that swelling cash pile. Apple has set up a company based in Nevada with the purpose of managing its cash and short-term investments in a tax-advantageous manner, BusinessWeek Online has learned.

According to public documents, Apple has incorporated Braeburn Capital, an asset management company based in Reno, (Nev.) Braeburn -- named for a variety of apple that's uniquely sweet and tart -- will be a vehicle for managing Apple's investment portfolio.

By incorporating in Nevada, Apple will be shielded from certain taxes imposed by the state of California, according to a person briefed on the matter.

[Socialization]

Sorry for typo's

[Socialization]

BaselessCritique

Here is my point. Exxon for example does about 80% of what Apple does for revenue, yet it employs almost twice as many people. Boeing does about the same revenue and yet employs 4 times as many people.

So while I respect Steve Jobs and his business / product acumen and his vision, apple in fact is one of the worst when it comes to the current tide of "Corporate Responsibility" to the US market that is so widely discussed these days from the left.

Apple makes most of their products n China and Taiwan. Then have billions of dollars overseas that they are not repatriating for investment in the US because of the taxation and they have set up a shell company in Nevada to avoid taxation fro California which of course is in dire straits.

The truth is that Apple is one of the worst "Corporations" when it comes to taxation avoidance and investment in US jobs.

[sepa2]

Health greatest gift, contentment greatest wealth, faithfulness greatest relationship - Dhamapada

[tiffanyharris976]

I'm sad to see him go- but can't say I'm surprised with his health. He's an amazing leader and one of my absolute role models. I buy business books all the time just to try to shape myself into the type of leader he's proven to be: "Drive" by Daniel Pink, "Crossing the Chasm," "Moxie for Managers" by Ann Tardy (http://www.lifemoxie.com). I hope that everything works out well for Apple, Jobs and his family.

[Hosheen]

Apple's success can be summed up in three words, "Attention to detail".

Apple has become the most valuable company in the world with that philosophy. Does anyone think that Apple imagined Jobs would be there forever? Or that they have not planned a strategy for a post-Jobs company? Does anyone thing that SJ didn't have any input to that strategy?

Keep in mind that Tim Cook has been doing excellent work for over two years while Jobs was available to him for advice and inspiration. Is there any reason why that cannot continue?

[RobAla]

Even though Jobs is in bad health, he would have been a better choice for President Obama when it comes to looking out for American jobs.

Fox News - Bill O'Reilly reported on General Electric and China developing aircraft technology that will compete with American companies (like Boeing). President Obama appointed GE's CEO Jeffrey R. Immelt as Chair of Presidents Council on Jobs and Competitiveness.
http://video.foxnews.com/v/1125886140001/why-is-ge-launching-joint-venture-with-china
I want to know three things:
1) Where is the outrage from union bosses over this?
2) Where is the CBS coverage on this?
3) How could any President appoint a CEO of a company that is joining with China to compete against American companies as the Chair of Presidents Council on Jobs and Competitiveness?

[RedDeath50]

You love Faux Noise so much, so why are you here? Go back there where there are many morons like you!

[Socialization]

No one can dispute the facts of what you wrote. BTW, they are all true. All they can write is to move on and call names.

[RedDeath50]

by Transatlantique August 24, 2011 7:23 PM EDT
In your dreams. Billionaire Billy Gates Gruff isn't elitist? Ha!

======================================================
Gates has demonstrated his philanthropy. Snarky Jobs? He probably stuffs his mattress with his money, afraid of losing even a single penny!

[baileyccc]

Steve we hardly knew you, God Speed.

[goffredo29]

No one survives pancreatic cancer. Qui potest capere capiat.

[DoctorNine]

More to the point; no one gets out alive. Mortality is universal. It isn't the particulars of the condition that matter so much really. As the time spent animated is always finite, its value is incalculable: his, yours, mine... I count myself fortunate to have been alive while this wild technological ride has played out. And what a conductor Steve has been the whole time! Wherever people like Mr. Jobs are given their chance to play, the magic will out, and I will listen. Still, I don't think that the opus is quite finished yet. So give his little band their due, and let's see what these last few stanzas may yet bring, to delight us all.

Thank you, Mr. jobs. I am still listening.