Steve Jobs resigns as CEO of Apple; recommends successor
Jobs, 55, has resigned as CEO of Apple today after his 14 year reign with the tech giant. In his letter of resignation, Jobs recommends Tim Cook to serve as the new CEO in his place.
Jobs, who has been on medical leave since January of this year, has only made a few public appearances to promote the latest products and gadgets for Apple.
Apple shares dropped nearly 7% just hours after the letter of resignation became public.
Steve Jobs Letter of 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.