Steve Jobs Resigning as Apple CEO

Steve JobsSteve Jobs, the mind behind the iPhone, iPad and other devices that turned Apple Inc. (AAPL) into one of the world's most powerful companies, resigned as the company's CEO on Wednesday, saying he can no longer handle the job.

The move appears to be the result of an unspecified medical condition for which he took an indefinite leave from his post in January. Apple's chief operating officer, Tim Cook, has been named CEO.

In a letter addressed to Apple's board and the "Apple community," Jobs said he "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."

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Jobs' health has long been a concern for Apple investors who see him as an industry oracle who seems to know what consumers want long before they do. After his announcement, Apple stock quickly fell 5.4 percent in after-hours trading.

The company said Jobs gave the board his resignation Wednesday and suggested Cook be named the company's new leader. Apple said Jobs was elected board chairman and Cook is becoming a member of its board.

Jobs' hits seemed to grow bigger as the years went on: After the colorful iMac computer and the now-ubiquitous iPod, the iPhone redefined the category of smart phones and the iPad all but created the market for tablet computers.

His own aura seemed part of the attraction. On stage at trade shows and company events in his uniform of jeans, sneakers and black mock-turtlenecks, he'd entrance audiences with new devices, new colors, new software features, building up to a gran finale he'd predictably preface by saying, "One more thing."

Jobs, 56, shepherded Apple from a two-man startup to Silicon Valley darling when the Apple II, the first computer for regular people to really catch on, sent IBM Corp. and others scrambling to get their own PCs to market.

After Apple suffered slump in the mid-1980s, he was forced out of the company. He was CEO at Next, another computer company, and Pixar, the computer-animation company that produced "Toy Story" on his watch, during the 10 years before he returned.

The January leave was Jobs' third medical leave over several years. He had previously survived pancreatic cancer and received a liver transplant.

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My dad passed away from pancreatic cancer and when I look at Steve Jobs I can see some eerie similarites. May God Bless his family.

August 25 2011 at 7:04 AM Report abuse rate up rate down Reply

Thomas A Edison still ranks above the rest.

August 25 2011 at 5:30 AM Report abuse rate up rate down Reply

Foxconn outsourcer for Apple and many other Corporations may a reason why the Tech Industry is having a rough time in the US as lost job opportunities cripple the US consumer base.

HP is talking about selling the PC unit. Bingo! Thank Carly for aiding the lost of US jobs an probably why she got so few votes. What goes around comes around.

Imagine the US Tech Industry and US economy had the cheap labor dreamers not trashed generations of Americans!

August 25 2011 at 5:27 AM Report abuse rate up rate down Reply

I am not selling. In fact, I may be buying more shares of AAPL as the stock dips.

August 25 2011 at 4:12 AM Report abuse rate up rate down Reply

Hang in there Mr. J. We'll be praying for you.

August 25 2011 at 2:18 AM Report abuse rate up rate down Reply

Obammacare will take care of him.

August 25 2011 at 12:57 AM Report abuse rate up rate down Reply

drops 20 bucks early and then rebounds hopefully............

August 24 2011 at 9:01 PM Report abuse +1 rate up rate down Reply

He most likely has less then 6 months to live.

August 24 2011 at 8:51 PM Report abuse -2 rate up rate down Reply
mike edwards

the most important thing in this world is health and he is broke

August 24 2011 at 8:23 PM Report abuse +3 rate up rate down Reply
1 reply to mike edwards's comment

Everyone alive has health. This poor man'shealth is just not very good. I hope his family enjoys what time they have left with him,

August 24 2011 at 10:11 PM Report abuse rate up rate down Reply

He did a great job with Apple, and sorry to see that health issues have taken there toll on Mr. Jobs. Wish you the very best sir and hope you have many more years of good living ahead!! God Bless!!

August 24 2011 at 8:23 PM Report abuse +6 rate up rate down Reply