Steve Jobs Resigns As CEO Of Apple, Tim Cook Named CEO

Tyler Durden's picture

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.



And the official Apple press release:



Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.


“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

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TruthInSunshine's picture





Any word on why?

I presume health was the reason, but still...confirmation?

And, no pressure, Tim's not like the entire Nasdaq index is riding on your shoulders.

(Wait, what?)

Sorry, Tim Cook, nearly the entire Nasdaq index is riding on your shoulders.

quintago's picture

Schwab: "Trading Halted"


TruthInSunshine's picture

I am Shiva the God of Death.

--Robert Oppenheimer

phyuckyiu's picture

Either Steve is about to die, or Apple is about to go down hard and he wants his reputation preserved. Either way, no bueno.

SteveNYC's picture

Hopefully Steve is ok, but watching what people "do" as opposed to what they "say", seems it ain't looking good.

Perhaps at Jackson Ho, Bernank launches QE[Apple] this week??

chumbawamba's picture

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.

You ain't fooling anyone, ya psychopath.  Apple's brightest and most innovative days will be six feet under with you, Steve.  Go quietly.  Your time is up.

I am Chumbawamba.

I am a Man I am Forty's picture

fuck you chumbawamba, you giant sack of shit

dwdollar's picture

Will they be making the iSmug next?

Mr Lennon Hendrix's picture

Steve Jobs is a modern day slave owner.  Fuck Steve Jobs, his soul rots in perpetual hell.

Sudden Debt's picture

all dictoras go down after a while.



3.7.77's picture

You really are an ass, death to chumbawamba.

How's that.

And by the way, you will obey when needed.

Mr Lennon Hendrix's picture

Steve Jobs runs modern day Death Camps.  He is a Nazi.

Oh regional Indian's picture

Could not agree more Chumba. Steve Jobs and his "Product" have been giant control instruments.

His skillz have left a whole generation of children deaf or well on their way to deafness.

About time and I hope Apple crashes and burns. I love the biblical significans of it all though.

Bitten apple? Job(s) with a Tablet? Too funny.

Oh and by the way, all his employees are either afraid of him or hate him. What an awful legacy. Plus most of his "ideas" were stolen (Xerox Park???). 

Steve J was a set up from a long time ago, his time has finally come, big sign.


ZeroPower's picture

His skillz have left a whole generation of children deaf or well on their way to deafness.


My brother bought his 2.5yr old an ipad2 the other day. There are 'learning apps' and whatnot on it..

Cant say i would do the same when i have kids, but then again, who knows. One kid wants what the other kid has, right. Would not give it to a kid of such a young age though. Im a fan of the iphone and have had one every generation, but will never go the mac route and hopefully something comes along (W7 phone??) that come surpass the rather stale iphone.


whirlybird rules's picture

SJ is dying.  Ever seen someone who is really sick?  Read all the <I hate SJ> posts...   say what you one will, but he would never leave the helmas long as he was standing, if he thought Apple was in danger. The only thing that's kept the dude alive this long is his passion for his baby!

Trimmed Hedge's picture

That, and lots of really expensive medications that you & I could never afford or even have access to....

whirlybird rules's picture

Actually, you could probably get the expensive experimentals that he's taking.  You'd feel like shit and I'm sure he does, but he keeps going. But I get it, you don't like the guy. 

Gully Foyle's picture

Maybe but can we all afford some eight year old Indian kids liver?

whirlybird rules's picture

Ok, just googled about.  I see your point.  If you had his money, you would probably do the same.  

minsky4ever's picture

Jobs knows he only has a little tlme left and he doesn't trust anyone with his legacy so he's gonna drive it into the ground before he dies.

That, anyway, is the cynical opinion of my 15 year old son. I'm kvelling. I thought I'd have to live another 15 years before seeing my work come to fruition.

Rodent Freikorps's picture

"I am become death, the destroyer of worlds."

redcorona's picture

Speaking of those 'destroyer's.  They do favor the limp wristed front man dont they?  Perhaps they should at least add Steves head next to Walts before they drain his company like a scourge of orgastic mosquitoes.

Rodent Freikorps's picture

You can listen to old Oppenheimer in his own words.

Oppenheimer is quoting Bhagavat Gita


spiral_eyes's picture

NASDAQ riding on Apple?


Fuck no. Apple is not an American company, but a wing of the CPC. And the CPC will nationalize the productive apparatus when the time comes. So I guess they'll nationalize the NASDAQ.

Got oil, bitchez? China has. 

DormRoom's picture

the entire US markets is interconnected with AAPL.  It's a huge node in the network.  If it goes down, it reverberates across the network.  It'll be interesting to see what happens tomorrow, one day before Jackson Hole, and 2 trading days, before the ending of the European short ban.

TruthInSunshine's picture



Given the massive allocation of AAPL shares in hedge funds and mutual funds, a significant move down in share prices could have noticeable consequences.

And then, there's that whole leverage problem...

MiguelitoRaton's picture

I believe I hear a black swan landing...the straw that breaks the camel's back.

spiral_eyes's picture

I don't think my initial comment is incompatible to any of the responses. If I was running an American hedge fund (thank God I don't) I don't think any of my major equities' manufacturing bases would be located in an autocratic and unfriendly nation half the world away. 

Apple are very cosy with the CPC. And Steve Jobs — and the organisation he has actuated — is way ideologically closer to Mao than Thomas Jefferson.

There's a clusterflock in there somewhere... 

spiral_eyes's picture

"Tim Cook is credited with pulling Apple out of manufacturing by closing factories and warehouses around the world. This helped the company reduceinventory levels and streamline its supply chain, dramatically increasing margins."

optimisation, bitchez  

reminds me of mitt romney...

SilverIsKing's picture

Mr. Cook will successfully reduce AAPL's weighting in the NASDAQ index.

Spirit Of Truth's picture

Down 6% after hours:

Actually teared up reading that bit.  Steve Jobs is an American icon and a hero to what makes this nation great, i.e., innovation.   God rest his soul if this is his life's curtain call.

TruthInSunshine's picture



For anyone doubting how important a competent CEO is, and how hard it is to find a confidence inspiring one, contrast Apple with Hewlett-Packard...

...and then look at their relative share performance.

Yes, these things matter. A lot.

Bananamerican's picture

Jobs deserved CEO of the decade imo...been on macs myself since 1994....

Through the years, great gear, well designed and genius....i fault him for making "proprietary" headphone jacks and the world's shittiest AC plugz and other bullshitty PC moves like that the last few years.

mostly though, any admiration i've lost for the man stems largley from ONE thing...

I fault him, big time, for joining the herd and manufacturing in China

Reptil's picture

Since 1995 here; a 5300 powerbook.
Apple's been up to some naughty things as of late. Part of the "change" no doubt. Who knows what actually happened in those boardrooms though, IMHO too uncertain to actually know for certain.
As for the China comments; didn't they say they're moving production back to the USSA?

Anyway, cheers Steve, for the efforts when the going was tough back in 1998.

Solid's picture

He's a fucking liberal. Although, I have all their products!

disabledvet's picture

Apple has 50 billion in cash you morons. I hear it even has a product or two.

LongBallsShortBrains's picture

In which bank? They just have inflation and counter party risk

Libertarian777's picture

Why? Just because they outsource their contract manufacturing overseas? They employ between 30 and 40 thousand in the USA, up from 700 or so a decade ago.
Not to mention millions of application developers.

People like to bitch about jobs, would you rather not have Apple be successful? Should they rather produce iPhones and iPads in the USA and focus on creating 100,000 minimum wage jobs or should they focus on advancing technology such as tablet computers? Next you're going to complain ATMs put bank tellers out of work. Should they petard like borders? Or cisco?

Apple is American as they come. Started small, got big, partially died, got resurrected and is innovating. Started by a few guys with big ideas.

Bananamerican's picture

Apples always carried a slightly higher, "aspirational" price, they would have made a few less billions...

Steve "Jobs" could have bucked the China wage arbitrage trend (global Plantation system) and had a hand perhaps in an American manufacturing renaissance..."led by example" etc but No....He'll be going out as Steve "Job" for offending his American "Maker" no doubt...

Sure, "minimum wage jobs", why not?

My kid, (now at college) couldn't find one this summer...

i have zero patience with you globalists by the way...NONE