iQuit Steve Jobs Resigns

25 August 2011 - Which Way to Pay

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iQuit Steve Jobs Resigns

Last night CEO of Apple, Steve Jobs resigned with immediate effect from the company he co-founded 35 years ago at the age of 21. Following the news that Jobs will resign, Apple shares fell more than 5% in after-hours trading.

Jobs will keep the title of chairman and remain involved as a company adviser; however he left no room for hope that he will resume his former duties. His successor has been named as chief operating officer Tim Cook who is handed day-to-day decision-making control of the company.

Jobs sent the Apple board a short and emotional resignation letter, which was published to "the Apple community" last night;

"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's chief executive officer, I would be the first to let you know," he wrote. "Unfortunately, that day has come."

Mr Cook paid his own tribute to Mr Jobs last night: "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."

It is not known what the health status of Steve Jobs is at the point of his resignation, although it is common knowledge that he has suffered extensively with pancreatic cancer and a liver transplant. As a result, Jobs has looked increasingly fail and unwell in recent public representations.

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," Mr Jobs wrote to staff yesterday.

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