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In an after market announcement Steve Jobs has resigned as CEO of Apple claiming that he can no longer meet his duties and expectations, observers are now speculating that he is seriously ill and wants to spend more time with his family.Jobs said in a letter addressed to the Apple board of directors that Apple COO Tim Cook would be his successor, writing “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.
“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.”
Jobs submitted his resignation to the board of directors overnight. The timing of the announcement has surprised and raised questions among many in the IT industry about the health of Mr. Jobs, who was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago. Mr. Jobs has not commented on his health since.
In January he said he was taking another leave of absence to “focus on [his] health”. He made an appearance at the launch of the iPad 2 in March and Apple’s annual developers conference in June, but appeared thin both times.
“The Board has complete confidence that Tim is the right person to be our next CEO,” said Art Levinson, chairman of Genentech and Apple board member, in a statement. He added that Mr. Jobs will “continue to serve Apple with his unique insights, creativity and inspiration.”.
The Wall street Journal said that people familiar with the situation have said that Mr. Jobs continues to be active at Apple and is closely involved in the company’s product strategy. Apple watchers don’t expect that to change even after Mr. Cook takes over.
Analysts claim that Cook faces a big challenge in stepping into Mr. Jobs’s shoes because he must prove that Apple can succeed without Jobs.
Steve Jobs not only co-founded the company, but brought Apple back from near bankruptcy when he returned to the company in 1997. He is considered the visionary behind the company and has played a key role in reviving the Macintosh computer business and developing new products like the iPod, iPhone and iPad.
“Great companies rarely go from strength to strength,” said Charles O’Reilly, a management expert at Stanford University’s Graduate School of Business, adding that Apple faces a particular challenge in that Mr. Jobs has had an unusually strong influence in setting Apple’s corporate culture and strategy.
More to follow.
