Steve Jobs, the visionary and chief executive of Cupertino-based Apple Inc., has resigned.
In a letter to Apple employees and its board of directors obtained by the Wall Street Journal, Jobs said he could no longer meet “duties and expectations as Apple’s CEO” and hopes to remain chairman, a director and in some other role with the company.
“Unfortunately, that day has come,” he said. “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.”
In the letter he strongly recommended the company execute its succession plan and name Tim Cook as his replacement.
Minutes after the announcement Apple’s board named Cook the new chief executive.
“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,” he said. “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.”
Apple shares were down more than 5% in afterhours trading to a market value of $349 billion.
