Steve Jobs Steps Down From Apple

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Photo by Justin Sullivan/Getty Images

Photo by Justin Sullivan/Getty Images

Apple CEO Steve Jobs announced his retirement yesterday, effective immediately.  He will remain involved with Apple as chairman of the board and offering his creative input. The news dropped like a bomb on Twitter and the worldwide reaction was immediate.

As Jobs vacates the CEO position at Apple, former COO Tim Cook will take up the reigns at Jobs‘ recommendation.

Here is the full letter to the board and Apple community:

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.

Steve

While reactions on Twitter expressed sentiments for Apple’s head honcho, Wall Street had it’s own reaction. Apple shares dropped 5% on Wednesday.

Steve Jobs has become a sort of pop culture icon as the head of Apple. What other companies’ key note addresses make the local news? The innovative technology giant has grown and prospered under his direction where other companies have been struggling of late.  The iPad 2 is the only tablet anyone thinks about, iPhones are the kings of the smartphone jungle, and there are many updates to Apple’s impressive product line coming down the pipe in the next few months.

Jobs has been on medical leave since January. It’s truly unfortunate news for members of the Apple family and community. We wish him all the best.

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