The Day Apple Stood Still: Steve Jobs Leaves Apple (AAPL, DIS)

Investing

Published: August 25, 2011 7:44 am

Last Updated: April 28, 2020 7:02 am

The day that many feared for Apple Inc. (NASDAQ: AAPL) has arrived. Steve Jobs is formally leaving Apple as CEO. He has requested to still serve as Chairman of the Board, director, and employee. His letter is below:

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

Unfortunately, what more is there to say? Steve will go down in the annals of time as one of the great CEOs. No word was mentioned about his health but his request to remain Chairman probably leaves the door open for Steve.

Apple shares closed at $376.18 and the stock is down at $366.00 or so in pre-market trading. As a reminder, Steve Jobs is also a member of the board of directors at Walt Disney Company (NYSE: DIS) and has served since 2006 after the acquisition of Pixar. It was that acquisition that solidified Steve Jobs’ billionaire status.

JON C. OGG

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