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Steve Jobs resigns!

Old 08-24-11, 05:43 PM
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Steve Jobs resigns!

Breaking.

AP is reporting that Jobs is resigning as CEO of Apple, effective immediately! Hopefully this isn't due to health, but I suspect it is.
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Old 08-24-11, 05:48 PM
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Re: Steve Jobs resigns!

Just saw this on CBS national news. They said he has been on medical leave. Hopefully he gets well soon.
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Old 08-24-11, 05:54 PM
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Re: Steve Jobs resigns!

http://www.engadget.com/2011/08/24/s...-ceo-of-apple/

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
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Old 08-24-11, 05:57 PM
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Re: Steve Jobs resigns!

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

sent via HP TouchPad
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Old 08-24-11, 06:05 PM
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Re: Steve Jobs resigns!

Whatever you may think of Apple, Steve Jobs is one of the great business geniuses of our time. I hope he continues to have a hand in where the company goes (which it sounds like he will since he's staying on the board of directors).
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Old 08-24-11, 06:16 PM
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Re: Steve Jobs resigns!

So how much will the stock drop tomorrow? Already down 5% in after hours trading. If he was smart, he should've done this the same day as their earnings call, as to not disrupt the stock too much.
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Old 08-24-11, 06:21 PM
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Re: Steve Jobs resigns!

7% so far
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Old 08-24-11, 06:28 PM
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Re: Steve Jobs resigns!

r.i.p.
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Old 08-24-11, 06:29 PM
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Re: Steve Jobs resigns!

Oooooh yeah, time to buy some AAPL.
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Old 08-24-11, 06:58 PM
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Re: Steve Jobs resigns!

Originally Posted by Deftones View Post
So how much will the stock drop tomorrow? Already down 5% in after hours trading. If he was smart, he should've done this the same day as their earnings call, as to not disrupt the stock too much.


I've read similar on macforums. These things are usually done on fridays or before long weekends.

I'm thinking its either bad news coming in September which is when companies warn of revenue shortfalls. Or he was told to go due to a disagreement on strategy
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Old 08-24-11, 07:08 PM
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Re: Steve Jobs resigns!

Or he's dying and wanted to make sure his successor was put in place before he dropped.
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Old 08-24-11, 07:11 PM
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Re: Steve Jobs resigns!

I seriously doubt this is over an issue of vision. I suspect his health is the issue. From their statement they have had a plan for some time. Regardless of any politics I hope the man is okay.
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Old 08-24-11, 07:33 PM
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Re: Steve Jobs resigns!

The statement did say he is going to stay on as chairman. Why would he do that if he was about to die?
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Old 08-24-11, 07:33 PM
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Re: Steve Jobs resigns!

Maybe so stock didn't take a complete nosedive?
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Old 08-24-11, 07:38 PM
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Re: Steve Jobs resigns!

Originally Posted by al_bundy View Post
The statement did say he is going to stay on as chairman. Why would he do that if he was about to die?
and why would he do that if there was a disagreement on strategy as you speculated?

You have no idea what you're talking about.
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Old 08-24-11, 07:39 PM
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Re: Steve Jobs resigns!

Chairman job is supposed to long term strategy. Wouldn't surprise me if earnings growth finally peaked. Just like bill gates resigned after peak earnings growth
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Old 08-24-11, 07:42 PM
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Re: Steve Jobs resigns!

Originally Posted by al_bundy View Post
Wouldn't surprise me if earnings growth finally peaked.
You said the same thing years ago.

I'm not saying it hasn't, BTW. I'm saying you have a history of displaying you have no idea what you're talking about.
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Old 08-24-11, 07:43 PM
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Re: Steve Jobs resigns!

Yeah, I don't think there's anything between the lines that needs to be read. It's in Apple's best interest for Jobs to be as involved as he can, while he can. It's also in Apple's best interest for Jobs to guide the transition...to minimize the chaotic frenzy there'd be if Jobs were still CEO when he dropped. He's getting all his ducks in a row but will be as involved as possible during whatever time he has left.

To my mind, the bad news isn't that Jobs is no longer CEO...it's that a man who's a visionary in the truest sense of the word probably isn't long for the world, and he'll be missed.
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Old 08-24-11, 07:47 PM
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Re: Steve Jobs resigns!

How often does the board meet? If it's 1-2 times a month he might be able to handle that.
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Old 08-24-11, 09:04 PM
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Re: Steve Jobs resigns!

i've gotta admit, when I first heard the news, I wondered if all the staff of Gizmodo and BGR were going to commit suicide by jumping off a bridge.
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Old 08-24-11, 09:45 PM
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Re: Steve Jobs resigns!

Originally Posted by Superman07 View Post
I seriously doubt this is over an issue of vision. I suspect his health is the issue. From their statement they have had a plan for some time. Regardless of any politics I hope the man is okay.
Cook's been running the company since Jobs took his second medical leave of absence in January, and he ran it during Jobs' first leave when he had the liver transplant. From a corporate perspective, the transition of power should be very smooth. With Jobs as Chairman of the Board of Directors, there's little chance there will be much argument over Cook's elevation to CEO.

As for corporate vision, only time will tell. As much as Apple is associated personally with Steve, the innovation comes from a very large group of very talented people. If Cook can keep them happy and motivated, the company will be fine.

It would have been nice if Jobs could have kept going for another 10-20 years. He certainly seems to be able to see further down the road than the rest of us, and has a real knack for bringing together the aforementioned talent. I was on the fence regarding switching to the mac right when Jobs came back to the company, right about the time Michael Dell made his famous statement and when one of PC Magazine's predictions for the new year (1997, I think) was "Apple packs it in". Watching the company claw it's way back, from the iMac to the digital hub, to iMovie (which Steve demonstrated on stage with delight), the iPod/iTunes revolution, and all the rest was an experience that will most likely never be repeated again in the tech world.
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Old 08-24-11, 09:48 PM
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Re: Steve Jobs resigns!

One other thing, the biggest challenge I see for Apple is to keep from being the next Bose. No matter how innovative they think they are, if it doesn't work right, or is just a gimmick, they're sunk. Expensive boutique stores in trendy shopping plazas won't help them if the hardware doesn't live up to it's promises.
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Old 08-24-11, 09:54 PM
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Re: Steve Jobs resigns!

Originally Posted by Adam Tyner View Post
Yeah, I don't think there's anything between the lines that needs to be read. It's in Apple's best interest for Jobs to be as involved as he can, while he can. It's also in Apple's best interest for Jobs to guide the transition...to minimize the chaotic frenzy there'd be if Jobs were still CEO when he dropped. He's getting all his ducks in a row but will be as involved as possible during whatever time he has left.

To my mind, the bad news isn't that Jobs is no longer CEO...it's that a man who's a visionary in the truest sense of the word probably isn't long for the world, and he'll be missed.
I could not agree with you more. I was going to post the same sentiments.

It's insane thinking to assume anyone involved with that company would want to lose Steve Jobs - he's not leaving because he refuses to put a bluray player in a MBP or because the iPhone needs a 4inch screen. He's ill and it unfortunately sounds like it's getting worse. Hopefully that speculation is wrong, but I can't help but feel saddened by the news..
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Old 08-24-11, 10:12 PM
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Re: Steve Jobs resigns!

I'm wondering what this means for the hulu sale, since Apple seemed interested in buying the site, as well as Google.
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Old 08-24-11, 10:34 PM
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Re: Steve Jobs resigns!

Originally Posted by Adam Tyner View Post
To my mind, the bad news isn't that Jobs is no longer CEO...it's that a man who's a visionary in the truest sense of the word probably isn't long for the world, and he'll be missed.
Absolutely. Very well said...
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