Steve Jobs has resigned as chief executive of Apple, the company has announced today, with chief operating officer Tim Cook taking his place.
The shocking move comes as Jobs has been struggling with health problems over the past year, although Apple has not said there is a connection and confirmed he will remain as chairman. Jobs has been on medical leave since the beginning of this year, and his resignation has prompted fears the entrepeneur’s health may be failing.
His leave has prompted major discussions about the company’s succession plan, even prompting shareholders to question how the largest tech company in the world will continue if Jobs were ever to leave his post.
In a letter to the board, Jobs has said that he is unable to continue in his role.
“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.”
Apple shares have dropped more than 7% merely minutes after Jobs announced his departure.
Cook will join the board, effective immediately, according to the statement.
“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” Art Levinson, chairman of Genentech, said on behalf of Apple’s board
“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.”
Levinson also said that the board has confidence Cook is “the right person to be our next CEO”. Jobs strongly recommends Cook to take his position.
“Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does,” Levinson said.
SmartCompany hosted a webinar on Steve Jobs, the principles that have guided him throughout his career and how to emulate his eye for innovation. Users can watch the recording here.
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
