In a surprising news announcement, Apple gave word that Steve Jobs has stepped down as CEO "effective immediately." Steve has been made Apple's Chairman of the Board. Tim Cook is the new CEO of Apple and is now also on the Board. Tim Cook was Apple's COO, and Steve recommended to Apple's Board of Directors that they implement their succession plan.
Take the jump to read Steve Jobs' resignation letter.
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.
From his letter it does appear that his health is impacting his life more and more where he feels that he can't continue his performance as CEO. This change in Apple leadership is right before next months rumored announcement of the iPhone 5.
In the past when Jobs has left the company stock prices have tumbled and reception of new Apple devices has been lethargic from the cult of Mac.
Art Levinson, Chariman of Genentech, spoke on behalf of the Board about the succession with Tim Cook.
“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “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.”
We'll know by tomorrow morning what kind of an effect this news has on Apple stock.
What say you?