Jobs Quits as Apple CEO

Getty Images, Steve Jobs delivered the keynote 
address at the 2011 Apple World Wide Developers 
Conference at the Moscone Center on June 6 in 
San Francisco.

WSJ - Steve Jobs, the ailing tech visionary who founded Apple Inc., said he was unable to continue as chief executive of the technology giant and handed the reins to Chief Operating Officer Tim Cook.

Apple said Mr. Jobs submitted his resignation to the board of directors on Wednesday and “strongly recommended” that the board name Mr. Cook as his successor. Mr. Jobs, 56 years old, has been elected chairman of the board and Mr. Cook will join the board, effective immediately, the company said.

“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,” Mr. Jobs said in his resignation letter. “Unfortunately, that day has come.”

Art Levinson, chairman of Genentech and an Apple board member, said in a statement that the board “has complete confidence that Tim is the right person to be our next CEO.” He added that Mr. Jobs will “continue to serve Apple with his unique insights, creativity and inspiration.”

After a brief halt, Apple’s shares slid 5.13% to $355.70 in after-hours trading, after closing at $376.18, up $2.58, at 4 p.m. on the Nasdaq Stock Market Wednesday.

r. Cook, 50, has been widely considered as the leading candidate to succeed Mr. Jobs, who has been on medical leave since January. The 13-year Apple veteran, who joined the company shortly after Mr. Jobs took over for the second time in 1997, has been running the day-to-day operations during this period as he has done during two prior medical leaves of absence by Mr. Jobs in the last seven years.

The announcement likely marks the end of one of the most extraordinary careers in U.S.
business history. Mr. Jobs not only co-founded Apple—and the personal computer industry along with it—but decades later played a central role in reshaping the music, movie, animation, and mobile-phone businesses.

“Steve Jobs is the world’s magic man. No compromises,” wrote John Sculley, who led the company from 1983 for a decade, in an email. Mr. Sculley was recruited by Mr. Jobs in 1983 as CEO, but ousted him in 1985 after a power struggle.       More

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