Steve Job reigned as CEO of Apple

The news about Steve Jobs resigning as CEO of Apple in a letter sent to the members of Apple’s Board of Directors has tumbled the Apple share down by more than 5%.

In his letter, Jobs wanted to remain the Chairman of the Board and wanted Tim Cook to be his successor.

The letter reads:

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

Steve Jobs was diagnosed for pancreatic cancer in 2004 and was treated. He had a liver transplant in 2009 and he had been in medical leave since the January of 2011.

Effective immediately, the board has approved Jobs requests. In the press release, the new CEO, Tim Cook is defined as:

As COO, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

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