Steve Jobs Resigns

Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately. Steve Jobs resigns


The day Steve Jobs was not able to lead Apple has been dreaded by investors for quite some time. Jobs remains chairman, but the questions now will become real.

Few companies in any industry have been so personally bound up with a founding executive, and Apple has been one of the few. Few executives in any industry have had the ability to reshape whole industries, and Jobs has done that, more than once.

Supporters will say Apple has a management culture and leadership team that will be able to continue to guide Apple in the future. That seems reasonable enough. But Steve Jobs was not just any executive. And no matter how talented his successors might be, one has to wonder what the implications might be.

In an open letter, Jobs said "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."

Jobs remains Chairman of the Board and a director of the company. Jobs has been on medical leave recently, and it is safe to say many will be praying for him.