Silicon Valley legend Steve Jobs relinquished the reins at Apple to right-hand man Tim Cook last night, after 14 years in command at a company he brought back from the brink and turned into the world’s largest technology corporation.
Jobs, who fought and survived a rare form of pancreatic cancer and revolutionized the technology arena with the iPhone in 2007, is deemed the heart and soul of a company that he himself started in a garage in the late 1970s.
“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,” he said in a brief letter announcing his resignation. “Unfortunately, that day has come.”
A college dropout, a Buddhist and a son of adoptive parents, Jobs started Apple Computer with friend Steve Wozniak. The company soon introduced the Apple 1 computer. But it was the Apple II that became a huge success and gave Apple its position as a critical player in the then-nascent PC industry, culminating in a 1980 IPO that made Jobs a multimillionaire.
“I will say to investors: Don’t panic and remain calm,” said analyst Colin Gillis.
Below, the text to Jobs' resignation letter, via Gizmodo:
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
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.