Update: Apple CEO Steve Jobs resigns
The surprise announcement came Wednesday afternoon
Computerworld - Apple's iconic CEO, Steve Jobs, is resigning and asked the company's board of directors to tap Chief Operating Officer Tim Cook as his replacement. The board did just that, at the same time naming Jobs chairman of the board.
The surprise announcement came Wednesday afternoon.
"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," Jobs said in a statement. "Unfortunately, that day has come."
Jobs has battled serious health issues for several years and stepped away from day-to-day duties months ago.
Here is the text of the letter he released:
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.
In a statement, Apple's board praised Jobs and expressed confidence in Cook.
"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 the 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."
After-hours trading of Apple stock was halted when Apple released the news, according to MarketWatch. The company's stock fell more than 6% when trading resumed, then pared those losses to trade down 5.2% at $356.30 per share.
Developing story. More to come.
- Yosemite's traffic share triples after public beta debuts
- Apple hasn't exhausted its supply of Yosemite betas
- 13 pieces of advice for Yosemite beta testers
- The other Apple economy: $2B in devices on eBay
- Apple sends users scrambling for OS X Yosemite
- Long replacement cycle drags down iPad sales
- Apple unwraps OS X Yosemite public beta Thursday
- Apple grows Mac sales by 18% on the back of the MacBook Air
- Want an Apple watch? Just 3D print one
- What to listen for during Apple's earnings call today
Read more about IT Industry in Computerworld's IT Industry Topic Center.
- Aberdeen Group: Marketing Analytics for Manufacturing: Forging Customer Insights There are no recalls for poor marketing. Manufacturers need to get their customer intelligence and messaging right the first time. Learn how.
- The Brave New World of Customer-Centric Manufacturing The Unique Opportunity for Manufacturers to Better Understand their Consumers
- See the Possibilities Utilizing Data Visualization Do you simply want to collect data, or do you want to derive business insights from it? What if you could quickly and...
- Improving IT Efficiencies: Four Advantages of Multi-Tenant Data Centers Increasing demands on IT are forcing organizations to rethink their data center options. For many organizations, that means turning to the flexibility afforded...
- NSS Labs & Cisco Present: Evaluating Leading Breach Detection Systems Today's constantly evolving advanced malware and APTs can evade point-in-time defenses to penetrate networks. Security professionals must evolve their strategy in lockstep to...
- Will the Real Endpoint Threat Detection and Response Please Stand Up? This webinar explores new technologies & process for protecting endpoints from advanced attackers as well as the innovations that are pushing the envelope... All IT Industry White Papers | Webcasts