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business newsSteve Jobs Resigns as Apple CEO; Stock Falls After-Hours
Tim Cook named replacement while Jobs will be Chairman of the Board.
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Jobs did not cite any specific reason for his resignation but did offer that he "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."
Here is the full resignation letter:
To the Apple Board of Directors and the Apple Community:Jobs has long been hailed as a visionary and mastermind behind the rise of Apple, both when founding the company and even more so since resurrecting it upon his return as CEO in 1997. Jobs is credited as the driving force behind recent revolutionary products such as the iPod, iPhone and iPad. He has also been the face of the company with his iconic black turtleneck, jeans and sneakers at Apple presentations.
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
Apple's stock price's meteoric rise from single digit lows in 2003 to the $400 level recently has been one of the biggest stories of the past decade. Not only has Apple gained a cult like following in users of its products, but also in momentum traders and investors.
Jobs' health is something people have speculated about for a long time now, and he's taken a few leaves of absence in recent years to deal with various health issues. Each time the stock price was hit. How much of that speculation has already been built into the stock price at current levels? That is a question we'll see answered over the next few sessions and beyond.
The stock was halted after-hours for a bit while the news was released before resuming trading. Initially it was down more $20, or about -5.35%, to just under $356. With over 927 million shares outstanding, that accounts for a drop of more than $18 billion in market cap. The stock has recovered a bit and is lower by -4.95% as I write this. U.S. futures are lower across the board as well.
We at Minyanville send white light to Jobs and his family.
Let the Tim Cook era begin.
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