Apple CEO Steve Jobs resigns; Replaced by Tim Cook

Published by johnGilt
August 25, 2011 at 06:44

We all knew that it will come one day, but then it seems like it came too soon. Apple CEO Steve Jobs resigned yesterday and will be replaced by former Chief Operating Officer Tim Cook.

Steve Job's Resignation Letter to the Board -

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

Even on his day of resignation, he is reported to have worked the full day.

Despite this week's resignation by Apple CEO Steve Jobs, there has reportedly been no outward indication that his health has worsened, and the company co-founder even worked a full day on Wednesday.

For the last few weeks, Jobs has been housebound, an anonymous source reportedly told Adam Satariano of Bloomberg. Though his condition was described as "weak," it was also said that the resignation "was not indicative of a sudden worsening."

"The day of the announcement, Jobs was in Apple's Cupertino, California office for the entire work day, and he attended a regularly scheduled board meeting, according to a person close to Jobs, who was not authorized to speak about the executive's health," Satariano wrote.Source: www.appleinsider.com

Tim Cook has already filled Job's shoes a number of times during his leave of absences.

Who is Time Cook?

Cook, 50, joined Apple in 1998 as a senior vice president of worldwide operations and was promoted to chief operating officer in 2004. Before joining Apple, Cook briefly served as an executive at Compaq and spent 12 years at IBM, where he ran manufacturing and operations for the company's PC business. Cook earned a bachelor's degree in industrial engineering from Auburn University and an MBA from Duke.

Cook is credited with completely restructuring Apple's manufacturing operations, insisting that Apple shut down its overseas factories and farm out the work to third-party manufacturers. As a result, the company reduced inventory and improved margins on its entire product lineup.

Described as a private but demanding man, Cook reportedly called a meeting early in his tenure at the company to discuss a problem in Asia.

"This is really bad," Cook told those assembled, according to a Fortune report. "Someone should be in China driving this." About 30 minutes later, he looked at a key executive and abruptly asked, "Why are you still here?"

That executive immediately stood, drove to San Francisco International Airport, and booked a flight to China--without a change of clothes or a return ticket.

Cook's profile has grown steadily in the last few years. He has served as Jobs' right-hand man at shareholder events and has completely handled earnings calls with analysts for last few years. Recently, he has played a more prominent role at product launches.

While Jobs was on medical leave from January 2009 to June 2009, Apple delivered two back-to-back blow-out quarters, as well as an updated iPhone OS, and new iPhone 3GS hardware. Under Cook, Apple also put the finishing touches on the company's new iPods, MacBooks, and Mac OS, which were released shortly after Jobs' return to the helm in late June.

For his performance, Apple's board rewarded Cook with a $5 million bonus, as well as 75,000 restricted stock units as a thank you for "his outstanding performance."

Cook was first called on to fill in for Jobs in 2004, running the company's day-to-day operations for a few months while Jobs recovered from surgery to remove a cancerous tumor in his pancreas and when Jobs had a liver transplant in 2009.

Source: news.cnet.com




Steve Job's Timeline -

 

1955: Steve Jobs born Feb. 24 and adopted by machinist Paul Jobs and accountant Clara Jobs of Mountain View.

1972: Graduates from high school and enrolls at Reed College in Portland, Ore, but drops out after one semester.

1974: Takes a job at Atari in Sunnyvale; leaves to travel through India and then joins a farm commune.

1975: Joins the Homebrew Computer Club, headed by Steve Wozniak, and convinces Wozniak to go into business to pursue his design for a computer logic board, to be dubbed Apple 1.

1976: Apple Computer founded.

1977: Apple incorporates in the state of California and introduces the Apple II.

1980: Apple goes public, and first day's trading brings its market value to $1.2 billion. At age 25, Steve Jobs is worth $239 million.

1981: Jobs becomes chairman of Apple.

1983: Jobs recruits John Sculley from Pepsi to be CEO of Apple.

1984: Apple launches the Macintosh, an all-in-one desktop computer with a graphical interface and a mouse.

1985: Jobs clashes with the Apple board and is ousted and replaced by Sculley. Jobs launches NeXT, a Redwood City-based company seeking to build a breakthrough computer that will revolutionize research and higher education.

1986: Jobs buys Pixar Animation Studios for $10 million from filmmaker George Lucas.

1988: Jobs unveils the NeXT computer, a 1-foot-tall black cube costing about $10,000.

1991: Jobs marries Laurene Powell, whom he met in 1989 when she was doing graduate work at Stanford University.

1995: "Toy Story," the first Pixar movie with Disney, is released and is a huge success. Jobs becomes a billionaire when Pixar goes public.

1996: Apple buys NeXT for $400 million and rehires Jobs as an adviser.

1997: Apple CEO Gil Amelio is ousted and replaced by Jobs as interim CEO.

1998: Apple releases the iMac, which becomes the fastest-selling personal computer in history.

2000: Jobs becomes permanent CEO of Apple.

2001: Apple introduces the iPod, a music player that will revolutionize the digital music industry.

2003: Apple launches the iTunes Music Store.

2004: In an email to Apple employees, Steve Jobs says he underwent successful surgery for a rare, treatable form of pancreatic cancer.

2006: Jobs sells Pixar to Disney in $7.4 billion stock deal; becomes Disney's largest shareholder and joins its board of directors.

2007: Apple introduces the iPhone, a smartphone with a touchscreen keyboard that will revolutionize the cellphone industry.

2009: Jobs takes a six-month medical leave during which he undergoes a liver transplant.

2010: Apple releases the iPad touchscreen tablet.

2011: In a January memo to Apple employees, Jobs announces another medical leave with no set duration. On Aug. 24, he resigns as CEO, asking that he remain as chairman of the board and be replaced as chief executive by interim CEO Tim Cook.

Source: www.mercurynews.com

Jobs will remain as a chairman of the board and I have a feeling that he will still be part of a plenty of Apple products to come!

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