Steve Jobs Resigns as Apple CEO

The time we all knew was coming has arrived. Today, in an open letter to the Apple board, CEO Steve Jobs officially announced his resignation from Apple, effective immedietly.

Here’s the text of the letter:

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

In addition, Tim Cook has been promoted to CEO to replace Jobs and Jobs will assume the role of Chairman of the Board.

I wonder what this will do to the price of Apple’s stock tomorrow morning. As for what the future holds for the company, I guess we’ll just have to wait and see.

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