Steve Jobs Resigns As Apple CEO
Steve Jobs has announced his resignation as the CEO of Apple, one of the leading producers of consumer electronics. A founding member of the huge electronics (once computers only) company, he was diagnosed with pancreatic cancer 7 years ago, and has been in ill health for some time. His official resignation should come as no surprise to those who follow these matters, but will be met with some sadness nonetheless.
Jobs To Chair Apple Board
However, all is not gloom for Apple lovers. Mr Jobs has resigned as CEO, citing an inability to continue to meet the obligations of that position in his resignation letter. However, he apparently has no intention of leaving Apple bereft.
His nomination of a successor has been accepted by the board, putting former Apple COO Tim Cook in the hot-seat as CEO, and Jobs himself has been elected Chairman of the Board, and will continue to lend his insight and expertise to Apple.
Apple Share Price Drops
As soon as news of his resignation spread, the Apple share price dropped by a little over 5%. And this isn’t the first time that Apple’s worth has appeared closely tied to Jobs’ involvement either.
On other occasions, when Jobs’ health looked poor, or when he didn’t attend special projects, the share price for his company has often taken a dive. Jobs himself insists that Apple is more than just him, but the investing public seems to have a different opinion.
Still, no doubt the market will be buoyed by the news that he’ll remain as Chairman of the Board, and the share price will probably recover quickly.
Resignation Letter
TechCrunch has published a copy of Steve Jobs’ resignation letter, if you’re interested in seeing what the man himself had to say.
