Steve Jobs Resigns, Apple has a New CEO

by Matt Klassen on August 25, 2011

Tim Cook (left) with Steve Jobs (right)

In a move that concurrently comes as a surprise due to its suddenness while also expected due to his ongoing health concerns, long time Apple CEO and co-founder Steve Jobs has relinquished all of his duties with the company effective immediately, ending his 14 year role at the head of one of the world’s most successful technology companies.

Like him or not (and I tend to not), Jobs has irrevocably transformed many sectors of the modern technology market; dominating the smartphone market with the iPhone, basically creating and cornering the MP3 music market with the iPod, and doing the very same thing with the iPad in the tablet sector.

Simply put, Jobs steps down at the top of his game, have created a company image that has both market analysts and consumers salivating over any news regarding Apple’s next big ticket item. With further details to come, all that remains to be seen is whether newly appointed CEO Tim Cook can keep the momentum going.

It was back in 1976 that Jobs and business partner Steve Wozniak originally started Apple, the little computer company that could. It wasn’t always smooth sailing for Jobs and Co., especially through the dominant PC years, where it seemed Apple lost out to Microsoft, IBM, and others at every turn. But in the last decade and a half things have changed, Apple revamped its image and turned itself into one of the most sought after names in technology across the globe, and it has Steve Jobs largely to thank for that.

While certainly not alone, Jobs nevertheless masterminded devices and marketing strategies that allowed Apple to create not just innovative products but an entire lifestyle surrounding its products. If you wanted sleek, sophisticated, cutting edge technology that matched your modern, contemporary lifestyle, you needed Apple.

Jobs submitted his resignation to Apple’s Board of Directors yesterday, citing his willingness to continue to serve as the Chairman of the Board and an Apple employee, but relinquished all duties as CEO effective immediately, suggesting that Tim Cook replace him in that position.

His letter didn’t go into details surrounding his reasons for leaving so suddenly, departing even as the company gears up for the release of its newest iPhone, but having taken two significant medical leaves of absence over the past few years–with his most recent leave still ongoing– it wouldn’t be a surprise if Jobs has decided to shut it down to concentrate on his wellbeing and on spending time with his family.

Tim Cook, his replacement, is himself no stranger to the top jobs at Apple, having served as the company’s COO for seven years and having played the role as interim CEO during Jobs’ aforementioned medical leaves.

So how will this change in leadership affect Apple? Since Jobs’ first medical leave several years ago the company has had a clear and concise succession plan in place, a plan that Jobs officially asked the company to enact yesterday. While the details of the plan are unclear, I would wager a guess that it has involved Jobs and others grooming Cook over the past few years to assume this role. What it means for investor confidence, however, remains to be seen since the announcement was made after all Western markets had closed for the day.

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Written by: Matt Klassen. Follow by: RSS, Twitter, Facebook, or YouTube.

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