Steve Jobs leaves Apple, what happens now?

 

Some say that this marks an “End of an Era”, and what an era it was. Steve Jobs has officially filed his resignation from Apple Wednesday. From his first demonstration of the Apple Macintosh, to the countless keynote speeches and to the final introduction for the iPad 2, he knows innovation and he knows how to do it well. Unfortunately, as a saying goes, “all good things come to an end.”

“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,” he wrote. “Unfortunately, that day has come.”

This may not come as a total surprise for some as it has been long rumored that Steve has been in battle with some illness for quite some time. In January, he announced that he’ll be taking a medical leave of absence but came back publicly with Apple’s reveal of the iPad 2.

So what happens after this? Apparently, he has advised the company’s board to execute their “succession plan” which primarily includes naming, the now former company COO, Tim Cook as the new CEO. Cook has been with Apple since 1998 and was Compaq’s Vice President of Corporate Materials prior. This also isn’t the first time for Cook to handle Apple as he was delegated as interim head on multiple occasions, one when Jobs had surgery for pancreatic cancer during 2004 and in 2009 for a liver transplant.

While Jobs has resigned as CEO, he won’t be totally leaving Apple. Afterwards, he has been elected as the company’s chairman of the board, with Cook joining in as well. Effects of this resignation has affected Apple’s stocks as they went down by 7% but has raised it by 2% afterwards.

Here’s Steve Jobs’ Resignation Letter to the Apple Board:

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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