In a brief letter Jobs told investors and the Apple community that he is resigning, but that he is willing to chair the Apple board. He suggested interim Apple CEO and long-time COO Tim Cook as his own replacement.
“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,” said Jobs.
Jobs went on to say that he believes Apple’s brightest and most innovative days are ahead and that he is looking forward to contributing to Apple’s success in a new role.
Jobs took several medical leaves in recent years, battling pancreatic cancer and undergoing a liver transplant. The market did not respond kindly to concerns about Jobs’ health and the latest announcement will surely have a profound effect on Apple stock.
During his tenure, Jobs oversaw Apple’s renaissance and brought about one of the greatest comebacks in the tech industry. Under Jobs, Apple transformed from a fledgling brand with little in terms of market cap and future prospects to one of the biggest names in tech, outperforming the likes of IBM, Dell and briefly topping energy giant Exxon as world’s most valuable company earlier this month.