Steve Jobs resigns from Apple

billybob476 · August 24, 2011, 04:08:49 PM

Wow...just wow.

Quote
PRESS RELEASE: Letter from Steve Jobs

August 24, 2011–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.

http://blogs.wsj.com/deals/2011/08/24/steve-jobs-resigns-as-apple-ceo/

Rico · August 24, 2011, 04:22:15 PM

Not too surprising. I just hope Steve's health is ok and this isn't a sign of things getting worse on that front. He's certainly made his mark in the field of tech and should feel proud of how far Apple has come. Be well Steve!

Geekyfanboy · August 24, 2011, 04:23:55 PM

How much do you think the Apple stock will drop tomorrow in the stock market?

billybob476 · August 24, 2011, 04:27:20 PM

I guess with all that's been going on lately this one caught me off guard. With google/motorola, HP killing mobile/spinning off PC business and the death of a much loved Canadian politician earlier this week I kind of figured all the news was done.

Of course I wish Steve all the best and hope he pulls through whatever difficulties he is facing.

Rico · August 24, 2011, 04:30:22 PM

Where the heck is Bryan on all this? Hope he hasn't pulled himself into a dark closet hugging his favorite blanket. ;)

Bryancd · August 24, 2011, 04:31:14 PM

Maybe 10% on the stock price. The investment community had long ago begun to evaluate the companies prospects, future product development, and future potential earning as a post Steve Jobs company. I believe I mentioned here when he left the last time that I was assuming he was never coming back. It certainly is going to present an opportunity, maybe not tomorrow but shortly, to buy the stock. I have very little right now as I am market bearish and have moved out of equities for the time being including a lot of my Apple. I will now look to return to the long side of the trade based on this news and any meaningful pullback.

It was inevitable and expected.

Bryancd · August 24, 2011, 04:44:52 PM

$355 is near term support for the stock. If it breaks through that then $310-$320 would be my target.

Bromptonboy · August 24, 2011, 05:35:42 PM

I think it is down 5% in after markets. Truly and end of an era. There are supposedly about 2 years worth of stuff in the pipeline still that bear his signature - and hopefully he can still impart his vision for some time as Chairman.

X · August 24, 2011, 06:52:09 PM

I don't see what the big deal is with him leaving. I'm pretty sure that the guys in the tech department were the ones that came up with the ideas and they were implemented well, but I don't see much changing with his departure.

Bryancd · August 24, 2011, 07:13:43 PM

It will be his marketing genius and big picture view which will be hard to replace.

Dangelus · August 25, 2011, 12:58:49 AM

I wish him well. He made a great refreshing CEO, very passionate.

Rico · August 25, 2011, 05:27:02 AM

Quote from: X on August 24, 2011, 06:52:09 PM
I don't see what the big deal is with him leaving. I'm pretty sure that the guys in the tech department were the ones that came up with the ideas and they were implemented well, but I don't see much changing with his departure.

That's not quite what has been reported over time. Steve was much more involved than a typical CEO in the day-to-day product development at Apple - again at least from what has been reported. I don't work for Apple, so I can only go by what tech people close to the sources have said. While I don't want to overstate his influence and guidance when he was CEO, I think you need to give credit where credit is due.

Dangelus · August 25, 2011, 05:37:24 AM

If it weren't for Steve, Apple would still be a cute little niche hardware company and not the multi-billion dollar giant it is today.

davekill · August 25, 2011, 05:51:35 AM

His micro-managing style is legendary, not what you would consider progressive at all.
Terrible tantrums or seductive Svengali, Steve Jobs is a rare bird.

billybob476 · August 25, 2011, 06:01:15 AM

If anything I'll miss his keynotes. He has a style all his own.

I was interesting listening to TWiT Live yesterday, Leo and my doppleganger (so Rico says) Tom Merritt were running full CNN-style running commentary and analysis.

Steve Jobs resigns from Apple

davekill