By Rachel Quigley The Daily Mail
Steve Jobs has resigned as CEO of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded in a garage.
In a letter to the board of directors, he hinted at his on-going battle with pancreatic cancer as the reason, saying: '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 named COO Tim Cook as his successor and said he looks forward to watching the company which he nourished and made into one of the world's most powerful and recognized brands.
Jobs will remain in position as board chairman and is simply relinquishing his seat as CEO.
Apple shares were suspended from trade before the announcement. They had lost more than six per cent yesterday, and lost a further 2.3 per cent in pre-market trading today.
Analysts reminded market investors the news was expected due to Mr Jobs' ill health and it was 'positive' that he would remain as chairman and continue to influence the company.
Apple board member Art Levinson, chairman of Genentech, issued the following statement on behalf of the Apple board: 'Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company.
'Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team.
'In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.'
The industry icon, who has been on medical leave since January 17, only briefly emerged in March to unveil the iPad 2. He later attended a dinner hosted by President Barack Obama for technology leaders in Silicon Valley.
Jobs, who was diagnosed with pancreatic cancer in 2003 and underwent surgery, began to grow noticeably gaunt in 2009 and pulled out of appearances, prompting fears that he was seriously ill.
But he denied rumors, releasing a statement saying it was simply a 'hormone imbalance that was robbing his body of the proteins it needs'.
It was then, on 5 January, 2009, that he promised: 'I will be the first one to step up and tell our Board of Directors if I can no longer continue to fulfil my duties as Apple's CEO.'
He received a liver transplant that same year.
Though his resignation letter was short and to the point, it was obviously full of emotion as he thanked 'the best friends he made for life' at the billion dollar company.
He is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the company, based in Cupertino, California, would handle his departure.
BGC Financial analyst Colin Gillis said today: 'I will say to investors: don't panic and remain calm, it's the right thing to do. Steve will be chairman and Cook is CEO.
'But Tim has been de facto chief executive for some time and the company has been hugely successful. The vision and the roadmap is intact.'
Tim Cook ran Apple when Jobs went on medical leave and has essentially been running day-to-day operations since early this year, with the company racking up record revenue and profit.
Mr Cook was previously responsible for Apple's worldwide sales and operations, including management of the supply chain, sales activities, and service and support in all markets and countries, according to ABC.
He has been at the company since 1998 and was recently given a $5million bonus as well as 75,000 restricted stock units as a thank you for his 'outstanding performance'.
Apple officially became the most valuable company in America this month and is now worth $338billion, $1billion more than Exxon Mobil.
It was confirmed in February that Jobs was receiving treatment for cancer after the 56-year-old's gaunt appearance fuelled rumors that he might resign any day.
Pancreatic cancers are generally some of the most lethal of all tumours, and the most common type often kills within six months.
Jobs has battled a less common variety that grows far more slowly and develops in the hormone-secreting section of the pancreas, according to USA Today.
Although diagnosed in 2003, his illness was not disclosed until the following year, after he'd had surgery.
The fiercely private CEO has said relatively little about his health problems, although he did acknowledge his bout with cancer during a commencement speech at Stanford University, saying: 'No one wants to die. And yet death is the destination we all share. No one has ever escaped it.'
In June, Jobs got a standing ovation at a software developers' conference in San Francisco to introduce an operating system called Lion and a wireless service called iCloud.
From the conference people tweeted that he looked 'gaunt', 'exasperated' and 'very ill'.
He stayed on stage for only three minutes before handing it over to Phil Schiller, Apple's senior vice president for worldwide marketing.
He demonstrated how photos taken with an iPhone were visible on a user's iPad moments later.
The iPhone 5 is due to hit the shops in September with almost 40 per cent of Apple customers saying they would buy it even before they had set eyes on it.
As news of Jobs' resignation spread, Twitter and Facebook exploded with tributes to him.
Teresa Kopec tweeted: 'Few *things* have given me more sheer pleasure to own than iPods, iPads, & iPhones. I'll miss your brain Steve Jobs.'
SusaNorlean wrote: 'Very sad hearing about Steve Jobs. That can't be good news about his health.'
Late Will posted: 'Steve Jobs proves all the money in the world means NOTHING if you're not healthy. Take the time to take care of yourself.'
Others worried about the future of Apple without its mastermind behind it.
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1 comment:
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