Steve Jobs resigned

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    Aug 24, 2011 11:42 PM GMT
    What do you guys think this means for the company??

    http://www.huffingtonpost.com/2011/08/24/steve-jobs-resigns-apple-ceo_n_935734.html


    Huff PostAs Reuters reports and Apple has confirmed, Apple CEO Steve Jobs is stepping down from his leadership position. Apple's Board of Directors has named Tim Cook the company's new CEO. Jobs has been elected Chairman of the Board.

    "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," Jobs wrote in his resignation letter.

    Below is Apple's official press release on the announcement (via Business Wire):

    CUPERTINO, Calif.--(BUSINESS WIRE)-- 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.
    Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.
    NOTE TO EDITORS: For additional information visit Apple’s PR website (www.apple.com/pr), or call Apple’s Media Helpline at (40icon_cool.gif 974-2042.
    © 2011 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and Macintosh are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
    The Wall Street Journal published a letter from Steve Jobs announcing his resignation:

    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.
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    Aug 25, 2011 12:01 AM GMT
    swmrh911 saidWhat do you guys think this means for the company??
    It means it'll have a different CEO.
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    Aug 25, 2011 12:03 AM GMT
    now the company is going to be called Orange & not apple! Ohh no! what are we going to do!
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    Aug 25, 2011 12:03 AM GMT
    Nothing, jobs will have layed out his vision for the company long ago, Tim Cook will follow that vision.

    Even though Steve Jobs isn't CEO any more the people who love Apple know Jobs as being Apple, so for at least the next ten years Jobs will always be Apple and Apple Jobs.
  • JP85257

    Posts: 3284

    Aug 25, 2011 12:04 AM GMT
    I will be the first to say it.


    WHO CARES?
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    Aug 25, 2011 12:10 AM GMT
    JP85257 saidI will be the first to say it.


    WHO CARES?

    A lot of people actually
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    Aug 25, 2011 12:14 AM GMT
    lilTanker saidNothing, jobs will have layed out his vision for the company long ago, Tim Cook will follow that vision.

    Even though Steve Jobs isn't CEO any more the people who love Apple know Jobs as being Apple, so for at least the next ten years Jobs will always be Apple and Apple Jobs.


    Well Apple share holders took a hit today, so obviously some people don't have faith in Tim Cook as the new CEO. With a company that large scale, there has to be some change brought about when a completely new leader steps in right?
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    Aug 25, 2011 12:23 AM GMT
    swmrh911 saidWell Apple share holders took a hit today, so obviously some people don't have faith in Tim Cook as the new CEO. With a company that large scale, there has to be some change brought about when a completely new leader steps in right?

    Yes and no, of course change will happen thats just the nature of the beast but change isn't bad.

    People don't have faith in Cook because they don't know him yet, while admittedly people don't know Jobs they do know the products he's put out, the things he's done with Apple, people don't trust Cook cause he hasn't done any of that.

    So only time will tell.

    But I think Jobs will still have a massive hand in what happens.
  • CuriousJockAZ

    Posts: 19138

    Aug 25, 2011 12:35 AM GMT
    JP85257 saidI will be the first to say it.


    WHO CARES?



    Millions care. Steve Jobs is an icon who built Apple from the ground up and hung in there during that whole era when Apple was made fun of against the PC. Then came the iPod, and later the iPhone, that not only changed everything for Apple, but revolutionized the whole industry. This news is not altogether unexpected, so I don't really think it's going to change much other than it is sad to know that Steve Jobs probably isn't going to be around much longer.
  • Syphon

    Posts: 366

    Aug 25, 2011 12:38 AM GMT
    JP85257 saidI will be the first to say it.


    WHO CARES?


    This.
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    Aug 25, 2011 12:43 AM GMT
    lilTanker said
    swmrh911 saidWell Apple share holders took a hit today, so obviously some people don't have faith in Tim Cook as the new CEO. With a company that large scale, there has to be some change brought about when a completely new leader steps in right?

    Yes and no, of course change will happen thats just the nature of the beast but change isn't bad.

    People don't have faith in Cook because they don't know him yet, while admittedly people don't know Jobs they do know the products he's put out, the things he's done with Apple, people don't trust Cook cause he hasn't done any of that.

    So only time will tell.

    But I think Jobs will still have a massive hand in what happens.


    Yeah I'll agree with that. I'm not trying to throw Cook under the bus or anything. I guess I was just assuming Jobs was leaving for good, didn't think that he'll probably stick around and still have a decent amount of influence on the company's direction.
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    Aug 25, 2011 12:46 AM GMT
    unless tim cook can produce some massive results, stock (and possibly company value) will plummet
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    Aug 25, 2011 12:47 AM GMT
    I was like NOOOOOOOO and gasped at work when I read it. I'll remember the day he resigned from Apple as CEO.
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    Aug 25, 2011 12:55 AM GMT
    I will also say who cares!
  • turtleneckjoc...

    Posts: 4685

    Aug 25, 2011 1:28 AM GMT
    speeddemon28 saidunless tim cook can produce some massive results, stock (and possibly company value) will plummet


    I think the company has proven to produce some massive results. Everyone loves or craves their products. The other day, I passed the Apple store in a local mall and the place was jammed with people!!

    And many had their purchases in their arms, so they weren't in there just to kick the tires either....
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    Aug 25, 2011 1:28 AM GMT
    I heard Tim Cook is gay. Is it true?
  • MuscleComeBac...

    Posts: 2376

    Aug 25, 2011 1:48 AM GMT
    It's sad, and risky.

    It will have some resonance in the market, and could cause some (un-called for) speculation that gets a negative spin, which in turn could hurt the company's short-term value.

    Apple suffers from Founder Identity syndrome - the company is the Founder. A perception widely held in the market, still, and that perception could manifest itself into a very ugly reality if there isn't ample evidence to the contrary. Frankly, that's Apple and Jobs' own fault for having not introduced Cook to the platform sooner in an attempt to stave off the inevitable. October's iPhone5 launch will be very, very telling.

    In a less volatile market, this would be a bump, but in truth, in this climate, at this juncture, it's a reasonably big hurdle, and the task at hand is great for both Jobs in his Chairman role, and Cook in his new role. I doubt he'll last that long in the position. Sadly, from the sound of things, I also doubt Mr. Jobs will be in sufficiently good health to continue in his new role, either. I hope otherwise, but it isn't sounding good.

    Regardless, it would be profoundly foolish of anyone who understands the fragile ground we stand on right now to dismiss this out of hand as inconsequential. It's not. And it's worth noting and watching closely. This is one of the few innovative companies that is modeling something promising in a new economy. Apple's impossibly gutsy model of turning your buyers into your R&D division and making a profit from it at the same time could fall apart here. You cannot underestimate the impact this kind of change has on buyers and investors alike.
  • waccamatt

    Posts: 1918

    Aug 25, 2011 2:08 AM GMT
    JP85257 saidI will be the first to say it.


    WHO CARES?


    We should care; it means the company that has recently been the most valuable or 2nd most valuable in the United States has an openly gay CEO. THAT is a big deal for all of us.
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    Aug 25, 2011 2:17 AM GMT
    I smell some Apple hatin' a brewin' in this thread!
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    Aug 25, 2011 2:32 AM GMT
    I see a major stock plummet for Apple—time to buy!

    Can you blame him for stepping down? He's been battling pancreatic cancer and still working plus he's already rich as hell from co-founding Apple, why not retire and enjoy life? He can still shot call here and there as Chairman of the Board. Pretty badass that the new CEO Tim Cook is gay too.
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    Aug 25, 2011 2:38 AM GMT
    waccamatt said
    JP85257 saidI will be the first to say it.


    WHO CARES?


    We should care; it means the company that has recently been the most valuable or 2nd most valuable in the United States has an openly gay CEO. THAT is a big deal for all of us.


    Tim Cook is openly gay the same way Anderson Cooper is.
  • Space_Cowboy_...

    Posts: 3738

    Aug 25, 2011 2:40 AM GMT
    OMG I totally thought he died icon_eek.gif that's the way my mo's told me about it
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    Aug 25, 2011 3:20 AM GMT
    someguy saidI see a major stock plummet for Apple—time to buy!

    Can you blame him for stepping down? He's been battling pancreatic cancer and still working plus he's already rich as hell from co-founding Apple, why not retire and enjoy life? He can still shot call here and there as Chairman of the Board. Pretty badass that the new CEO Tim Cook is gay too.

    Jobs probably has no more than a few months left. He would never have stepped down if he didn't know it was all over. Tragic, because he was the guiding force behind Apple, a company that revolutionized cell phones, personal music devices, and online media purchases. Whether that momentum can be maintained after his passing remains to be seen.
  • jim_sf

    Posts: 2094

    Aug 25, 2011 3:30 AM GMT
    MuscleComeBack saidand Cook in his new role.


    (trimmed for relevance)

    Except that Cook has been acting CEO since January, while Jobs has been undergoing treatment. So this isn't really a new role for Tim Cook; the only change is that he's no longer just "acting".
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    Aug 25, 2011 3:45 AM GMT
    Cook is an adequate CEO in place of Jobs especially since he has been running the company. However, most people who know the management of the company will attest that nobody has Jobs' vision. He is simply irreplaceable.