Steve Jobs (CEO, Apple) resigned

Steve Jobs resigned as CEO of Apple Inc on Wednesday and passed the reins to his right-hand man Tim Cook, saying he could no longer fulfill the duties in a stunning announcement that raised fears his health has deteriorated further.

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.

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.

“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.”

But the company’s shares still dived as much as 7 per cent in after-hours trade after the industry icon, who has been on medical leave for an undisclosed condition since January 17, announced he will be replaced by COO and heir apparent Cook.

“Investors are very comfortable with Tim Cook even though Jobs has been a driver of innovation and clearly an Apple success. Tim has shown Apple can still outperform extremely well when he’s been acting as CEO,” said Cross Research analyst Shannon Cross.

“I don’t know if it’s a health issue. I don’t know if it is a shock. Most likely it was going to happen at some point. Why today versus another day? I don’t know.”