Steve Jobs Resigns as CEO

Shocking news yesterday. The headline said it all: “Steve Jobs resigns as CEO.” Well, almost all. He has been elected Chairman of the Board and Tim Cook has been named to the CEO position and he will also join the Board. 

Since he returned to Apple, well over a decade ago, Steve has upended the world of technology, as well as the publishing, entertainment and telecommunication industries. Under his watch, Apple has escalated to great heights of admiration, innovation and profit while delighting customers and frightening competitors out of their long standing and stale business models.

He had taken a flagging company and turned it around to become the most valuable company in the world. A truly remarkable accomplishment. If you had invested $1,000 in Apple in 1996, as of yesterday the value of your investment would have been over $10,000. That is a return of 10,000%!

Apple will continue to produce fantastic products and continue to deliver award winning service to its customers thanks to the great executive team that Steve managed to bring together that will continue to adhere to his philosophies and attention to detail.

He won’t be leaving Apple though, as the Board stated in their statement “Steve will continue to serve Apple with his unique insights, creativity and inspiration” as Chairman of the Board.

Whereas I am saddened to hear that he has resigned as CEO because he is no longer able to meet his duties in such capacity, I am buoyed by the fact that his strong recommendation to appoint Tim Cook as CEO (Tim has been running Apple day-to-day during Jobs’ medical leaves and is a very intelligent and hard working executive) was heeded by the Board and that Steve will still be around in a new role as Chairman of the Board to continue what he started at Apple in 1976, to change the world.

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