The Board of Directors at Apple announced on Wednesday that company founder and CEO Steve Jobs had resigned from his post, taking an elected chairman position while handing the company reins over to former interim CEO Tim Cook.
Here’s the full letter Jobs sent out to employees:
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.
Jobs is expected to continue offering Apple his insights into new products however his lack of full control will be felt, Apple shares fell 7% after news of Jobs’ departure from the company, even though he hasn’t had control of Apple since taking medical leave in January.
Hopefully Steve Jobs isn’t sick again, in any case he’s helped Apple become the top grossing tech company in the world and his presence will always be felt in silicon valley, even if he’s not at the head of Apple desk during Apple’s future.