In a letter to Apple’s (NASDAQ:AAPL) Board of Directors, Steve Jobs publicly announced on Wednesday that he is resigning from his current CEO position and requested to remain Chairman of the Board.
Before resigning, Jobs recommended Tim Cook to be the new CEO of the Palo Alto company. Jobs is still expected to be part of Apple and will help the company expand, but will not be the sole decision maker as CEO.
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 Job’s announcement had little effect on Apple Inc. stock (AAPL) with the final trade at $375.56. When trading resumed at 4:55, Apple’s stock decreased to to $351. Steve’s resignation poses a change in expectations and may allow Apple to move to greater achievements in the near future as the Jobs has strengthened the company during his tenure as the CEO.
Do you think Steve Jobs resigning will affect the goals that he originally set out for? Do you think stocks will be further affected?