Steve Jobs resigns as Apple’s CEO, continues as Chairman

Apple Inc. today announced that Steve Jobs had tendered his letter of resignation as CEO.

Steve wrote in his letter “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.”

Steve further advised the board that his recommendation would be to proceed with the succession plan and appoint Tim Cook as the new CEO.

What does this all mean?  In after hours trading, shares of Apple Inc. took a 5% hit.  That is not a dramatic hit especially considering the impact of the change.  Apple was tasked earlier this year through a number of analyst calls to provide its’ succession plan to the shareholders.  Apple did not disclose the details of the plan other than to say that a succession plan existed and that Apple was not going to be at risk in the event that Steve was unable to continue as CEO.

Steve effectively resigned from active duty two years ago citing health concerns.  He miraculously recovered from a rare form of cancer, had a liver transplant and returned to somewhat active duty.  That was hampered earlier this year when yet again he announced that he needed to take a leave from active duty.  Effectively, Tim Cook has been leading the company for the past two years and has led Apple’s tremendous growth in iPhone, iPad and Mac sales.

Apple is in good hands.  Steve’s DNA and his personna is permanently ingrained in the company.  Apple is Steve and Steve is Apple.

About Grant Fengstad

I’m a technology professional in the travel and transportation sector and have been very involved with the Internet for over 20 years.