Steve Jobs Resigns as Apple's CEO
It obviously had to happen at some point, but that still doesn't make Steve Jobs' decision to resign as CEO of Apple any less jarring.
In a letter to the company's board and "the Apple Community," Mr. Jobs wrote, "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 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."
Art Levinson, CEO of Genentech and member of the Apple board, said in a statement, "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."
Mr. Jobs will assume the role of chairman.
"I will say to investors: don't panic and remain calm, it's the right thing to do. Steve will be chairman and Cook is CEO," Colin Gillis, a BGC financial analyst, told Reuters.
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