Steve Jobs resigns as Apple CEO

For a while Jobs’ often-gaunt appearance has sparked questions about his health and his ability to continue at Apple.

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
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



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