Apple CEO Steve Jobs Resigns

August 25th, 2011 at 1:38 pm

Apple’s icon of innovation and its CEO, Steve Jobs, has surprisingly announced that he is stepping down from his post as the company’s CEO. According to the letter that he sent to the Apple Board of Directors and also addressed to the Apple Community, “I have always said if there ever came a day when I could no longer meet my duties and expectations as Appleā€™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,” Jobs wrote in his letter with some ring of finality in it. But Jobs would not totally be leaving the Apple fold. He will still be staying in the company, being just recently elected as Apple’s Chairman of the Board. Apple’s COO, Tim Cook, will be replacing Jobs at the CEO spot.

Due to Jobs recent health issues that had previously led him to take a leave of absence from Apple earlier this year, the possibility of him resigning or stepping down as Apple’s CEO may have already been floating around. But most people may not have expected the news to come so soon, just as Apple is enjoying its most profitable years yet. As big of a tech icon as he is today, his announcement of retiring as CEO will always come as shock no matter when it is made.

Steve Jobs was responsible for turning Apple around from its near-death predicament into a popular and profitable tech powerhouse of a company that it is now. He was Apple’s co-founder but resigned sometime in 1985 when he was relieved from heading the company’s Macintosh division in an internal power struggle. He went on to head Pixar and found NeXT. It was when the latter company was acquired by Apple that led Jobs’ return to the company he co-founded.

Jobs became interim CEO of Apple when it was in shambles. He was able to turn it around by getting rid of non-performing projects and focusing on a few but important ones. Jobs string of successes started with the introduction of the iMac. It was followed by innovative products such as the iPod, the iTunes, the iPhone and then the iPad. These innovative products more than turned the company around and allowed it to become the 2nd most valuable company in the world, with a market capitalization of around $330 billion.

Steve Jobs will be stepping down as CEO as Apple is just reaching new heights in success. That may be the reason why the recent news came as a surprise to many. Apple’s stock was even affected as it went down as much as seven percent in price in after hours trading. But whatever reason jobs may have in stepping down, one thing is sure- whether people like him or hate him, he will be missed for being the tech icon that he was as Apple’s formidable leader.


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