Home > Mac, Money, Tech > Jobs Quits as CEO of Apple, AAPL stock sell-off begins

Jobs Quits as CEO of Apple, AAPL stock sell-off begins

Steve Jobs has submitted the following letter of resignation to the Board of Directors of Apple:

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

Update: Apple COO Tim Cook will replace Jobs as CEO, as per Jobs’ recommendation. Jobs was also made Chariman of the Board. Tim Cook has filled in for Jobs when he was off for health reasons. This was expected once Jobs decided to to step down.

Update #2: The news immediately affected the stock market. From Bloomberg News:

U.S. stock futures declined after Steve Jobs resigned as chief executive officer of Apple Inc. (AAPL), the world’s second-largest company by market value.

Standard & Poor’s 500 Index futures lost 0.4 percent to 1,166.80 at 7:18 p.m. in New York. Nasdaq-100 Index futures fell 1.1 percent. Apple shares dropped 5.2 percent to $356.67. Jobs said he’s resigning and recommended Tim Cook be named his successor. Jobs said he would like to continue as chairman.

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