Apple founder Steve Jobs has resigned as chief executive of the technology giant and will be replaced by its chief operating officer Tim Cook.
Mr Jobs, who underwent a liver transplant following pancreatic cancer, said he could no longer meet his chief executive’s duties and expectations. The Silicon Valley legend will become chairman of the firm. The 56-year-old has been on medical leave for an undisclosed condition since 17 January.
Here is the just released letter from Steve Jobs:
PRESS RELEASE: Letter from Steve Jobs
August 24, 2011–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.
Jobs brought Tim Cook on board in 1998 to oversee the manufacturing of Apple’s computers.
Fast Facts: Who is Tim Cook?
Timothy “Tim” D. Cook (born November 1960) is the CEO and COO of Apple Inc., having joined the company in March 1998. His primary responsibility is managing day-to-day operations at the company.
- An Alabama native, Cook earned a bachelor’s degree in 1984 from Auburn University, where he majored in industrial engineering, and an M.B.A. from Duke University
- Previously worked for rivals IBM and Compaq, and served as COO of computer reseller Intelligent Electronics
- Joined Apple in 1998 to streamline the company’s jumbled manufacturing and distribution operations. He was promoted to COO in 2005. In that role, he has overseen Apple’s worldwide operations, including supply chain, support and sales services as well as its Macintosh division.
- A bachelor, Cook is known as a workaholic — he often fires off emails in the wee hours of the morning — and a workout fanatic. He is an admirer of Lance Armstrong and an avid Auburn Tigers fan
- Though he earns $700,000 a year, he’s been a beneficiary of a hefty amount of stock: he’s sold more than $100 million worth since joining Apple. Despite his wealth, he rents a house in Palo Alto
- In 2004, when Jobs took a leave of absence during his treatment for pancreatic cancer, Cook stepped into the CEO’s post for two months
Quotes by Tim Cook:
- “Come on, replace Steve? No. He’s irreplaceable.”
Fortune, Nov. 10, 2008
- “Why are you still here?”
— To a colleague, thirty minutes after Cook remarked to that same coworker that Apple’s Asian operations had encountered a problem and “someone should really be in China driving this.” Fortune, Nov. 10, 2008
- “You see the world differently.”
— On receiving a misdiagnosis of multiple sclerosis, Auburn Magazine, Winter 1999
Quotes about Tim Cook:
- “Tim runs Apple, and he has been running Apple for a long time now. Steve is the face of the company and very involved with product development but Tim is the guy who takes all those designs and turns it into a big pile of cash.”
—Michael Janes, the first general manager of Apple’s online store, Wired, Jan. 14, 2009
- “Though he’s capable of mirth, Cook’s default facial expression is a frown, and his humor is of the dry variety. In meetings he’s known for long, uncomfortable pauses, when all you hear is the sound of his tearing the wrapper of the energy bars he constantly eats.” —Fortune, Nov. 10, 2008
- “He’s wickedly smart and he doesn’t have a big ego.”
—John Landforce, a former executive at a computer store chain who often dealt with Cook, The Wall Street Journal, Oct. 16, 2006
- “[Cook] was considered a leader, and he was a really, really good student — well-liked by his peers, always prepared, tough, but fair. We would have predicted great things for him, although it would have been difficult to predict he’d head one of the world’s most iconic brands.”
—Blair Sheppard, dean of Duke University’s Fuqua Business School, The Street.com, Jan. 15, 2009