Updated August 25, 2011 11:50:35
Ailing Silicon Valley pioneer Steve Jobs has resigned as chief executive of Apple in a stunning move at the technology giant he co-founded in a garage.
The 55-year-old Apple co-founder was diagnosed with a cancerous tumour in his pancreas in 2004 and has been on medical leave for an undisclosed condition since January 17.
In a letter to Apple employees released this morning, Mr Jobs outlined his reasons for standing down:
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 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.
Steve Jobs
Apple says Mr Jobs will still have a place at the company in the position of chairman, while former chief operating officer Tim Cook has been elected chief executive.
Apple shares fell 7 per cent in after-hours trading in the wake of the announcement.
Mr Jobs oversaw the company’s most prosperous period, including the design and launch of the iPhone and iPad, as this chart tracking Mr Jobs’ achievements and the Apple share price shows:
“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” Apple board member Art Levinson said.
“The board has complete confidence that Tim is the right person to be our next CEO.
“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,” Mr Levinson continued.
Mr Cook ran Apple when Mr Jobs went on medical leave and has essentially been running day-to-day operations since early this year, with the company racking up record revenue and profit.
A university dropout, a Buddhist and a son of adoptive parents, Mr Jobs started Apple Computer with friend Steve Wozniak in the Jobs family garage in Silicon Valley. He was just 21 and Mr Wozniak 26.
The company soon introduced the Apple I computer.
But it was the Apple II that became a huge success and gave Apple its position as a critical player in the then-nascent PC industry, culminating in a 1980 IPO that made Mr Jobs a multimillionaire.
Despite the subsequent success of the Mac, Mr Jobs’ relationship with internal management soured, and in 1985 the board removed most of his powers and he left the company, selling all but one share of his Apple holdings.
Apple’s fortunes waned after that. However, its purchase of NeXT – the computer company Mr Jobs founded after leaving Apple – in 1997 brought him back into the fold.
Later that year, he became interim CEO and in 2000, the company dropped “interim” from his title.
No reason was given for Mr Jobs’ resignation, but his health problems, including lengthy medical leave for a liver transplant in 2009 and his increasingly gaunt appearances at public events, fuelled speculation he would have to give up the everyday running of the company he co-founded in 1976.
He is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company would handle his departure.
ABC/Reuters
Topics: science-and-technology, computers-and-technology, business-economics-and-finance, company-news, united-states
first posted August 25, 2011 08:54:26