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Steve Jobs Resigns as CEO of Apple

Press Release Source: Apple On Wednesday August 24, 2011, 6:35 pm

CUPERTINO, Calif.--(BUSINESS WIRE)-- Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, 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.”

“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.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

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Assuming this is true, I have to believe that it means his health has taken a serious decline again.

(Edit: It should be noted that that is from Apple's press release, hence the last paragraph. Here is another link regarding the story.)

My guess is he's losing his battle with his health.

What is strange though...is that he requested to stay on as chairman of the board. If these were possibly his last bit of time, that he wouldn't do this.

Wonder how far their stock falls tomorrow? Might be a good buy in point....

That is from Apple's press release...

they were showing a piece on him on the Today Program this morning.. he really looks gaunt. very thin and frail.,

My best to one of the biggest innovators of our generation.

Agreed.