Steve Jobs has announced his resignation as CEO of Apple, but will stay on as chairman of the board.
His tersely worded resignation letter states:
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.
The bolded part suggests he is resigning due to health concerns, suggesting limited further engagement in Apple, despite being chairman of the board.
Steve Jobs was the driving force behind Appleâ€™s ascendency, and its shares have already seen a slump and been halted due to his departure. Without his famously hands-on day to day presence it would be foolish to think things will go forward exactly as it has been before.
While we wish Steve Jobs well, we cant help but feel the company has become much more vulnerable this afternoon.