Steve Jobs Resigns as Apple's CEO - Stocks Plummet

[Chief Walking Stick]

http://finance.fortu...igns/?hpt=hp_t1

Steve Jobs has resigned as chief executive officer of Apple (AAPL). The company has promoted chief operating officer Tim Cook to the position of CEO and said that Cook will join the company's board of directors. Jobs will become Apple's chairman.



Here is a copy of Jobs' resignation letter:



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.



Steve



Apple board member Art Levinson, chairman of Genentech, issued the following statement on behalf of the Apple board:



"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."



We have no additional details yet on why Jobs is leaving, although the spot assumption is that it's related to the pancreatic cancer for which he received a liver transplant in 2009. The fact that Jobs is taking over as board chairman, rather than resigning that seat too, would seem to indicate that his condition is serious but not imminently debilitating.



Apple shares today traded up $2.58 to close at $376.18 per share. As of 6:53pm, it already had lost $22.18 per share, or 5.9% of its value.

I don't know much about the stock market... but losing 5.9% in a couple of hours seems pretty extreme.

 

[Pez68]

http://finance.fortu...igns/?hpt=hp_t1







I don't know much about the stock market... but losing 5.9% in a couple of hours seems pretty extreme.

Just another example of stock prices being driven by BULLSHIT. In all likelihood, nothing will change with Apple products... They still have all the same people there developing their goods. It is ONE FUCKING PERSON, who likely hasn't been doing shit as far as the products are concerned for a few years now. He's not exactly a young guy, and has made more than enough money to never have to work again. He has more than likely been slowly pulling himself out of every day operations over the last several years. If I was 56, and never had to worry about money for myself or my family again, I wouldn't be working either. However, investors love to knee-jerk react to ANY kind of significant change at a company. Perfect example right here.

 

[MassHavoc]

If anything it will get stronger, people having to be accountable to jobs now instead of jobs doing things himself? Everyone is going to really have to produce now because if they don't he has someone they can fire as opposed to himself. Either way **** them. Apple Sucks.

 

[R K]

I'm not sure about that. Jobs was the architect and vision of Apple. He was personally responsible for many of the hardware platforms or success's of the company. Without him in 1996, the company was in dire straights. It took him coming back to straighten the ship.



I suggest anyone wanting to learn the history of the company do some research. It's an American Business marvel. While I am not a huge apple person they definitely have thier nitch in the PC world.



Tim Cook has not near the visionary as Jobs, although I suspect they will remain strong. For how long, who knows.



For awhile last week it was the largest, strongest, American company on the Stock Market.

 

[MassHavoc]

I thought in 96 he tried to leave completely though? As chairman of the board here I expect him to still be fully involved in the vision of the company, how much his health will allow it though is going to be a factor. I'm not saying it's not a strong company, or didn't steal just as much from Xerox, I'm just saying I hate Apple.

 

[bri]

He has been sick for some time so I am not surprised. I know when he came back to work several months ago people seemed surprised by that. He needs to concentrate on his treatmentand I know he feels it is in the company's best interest.

 

[R K]

I thought in 96 he tried to leave completely though? As chairman of the board here I expect him to still be fully involved in the vision of the company, how much his health will allow it though is going to be a factor. I'm not saying it's not a strong company, or didn't steal just as much from Xerox, I'm just saying I hate Apple.

I could have him and ellison mixed up, but either way my point was he was personally behind most of that companies successes.



I thought Jobs was pushed out of his day to day in 85 or 86 and came back in the mid to late 90s when Ellison contemplating buying them out.



Maybe I should do some refreshers. I took a business course in college with Apple being one of my research projects.

 

[klemmer]

I could have him and ellison mixed up, but either way my point was he was personally behind most of that companies successes.



I thought Jobs was pushed out of his day to day in 85 or 86 and came back in the mid to late 90s when Ellison contemplating buying them out.



Maybe I should do some refreshers. I took a business course in college with Apple being one of my research projects.

Not sure about dates, but your story is correct.

 

[MassHavoc]

Yeah I'm not saying you are wrong, I'm just maybe misremembering. I thought he was previously forced out and then later brought back, so while out and when it took a shit was without any imput with him, here I feel like he'll still be runny the show but not have to do the day to day.

 

[BiscuitintheBasket]

Some info about the successor Tim Cook: http://money.cnn.com/2011/08/24/technology/cook_apple.fortune/index.htm?iid=EL



Honestly, for those that watched the Apple situation since 2004 knew that Cook was going to take over. He may not be as visionary, but is just as demanding. Apple has a strong group of smart and creative people, they are just losing Jobs as CEO not as a person who will still be involved in what the company does. Jobs has too much of his wealth invested into Apple to just run away.



When Jobs returned to Apple (after working his skillz to get Apple to buy his company NeXT), he came back with full control of the company and was able to do what he was trying to do before his ouster: set up a solid business system and get very very good employees. That system is very much in place and Cook has been a part of it since the late 90's.



Sadly the stock will keep failling due to fears that his resignation as CEO means he will no longer be with Apple. Fools don't realize that he just will not be as involved in the day to day.

 

[R K]

We'll see how far it falls. Eventually the speculation will go away, long before the profitable company does. Plus they have a few tricks that haven't been released yet.



Apple also had a huge boost when Microsoft was in court. MS blasted some massive funds into Apple when they were being sought after as a Monopoly.



Either way my stock I purchased at 96$ a share still looks pretty fucking awesome right now.

 

[klemmer]

Yeah I'm not saying you are wrong, I'm just maybe misremembering. I thought he was previously forced out and then later brought back, so while out and when it took a shit was without any imput with him, here I feel like he'll still be runny the show but not have to do the day to day.

He was pushed out, started a new company which was then bought by Apple in the mid 90's.

 

[supraman]

Just another example of stock prices being driven by BULLSHIT. In all likelihood, nothing will change with Apple products... They still have all the same people there developing their goods. It is ONE FUCKING PERSON, who likely hasn't been doing shit as far as the products are concerned for a few years now. He's not exactly a young guy, and has made more than enough money to never have to work again. He has more than likely been slowly pulling himself out of every day operations over the last several years. If I was 56, and never had to worry about money for myself or my family again, I wouldn't be working either. However, investors love to knee-jerk react to ANY kind of significant change at a company. Perfect example right here.

I'm not sure about that. Jobs was the architect and vision of Apple. He was personally responsible for many of the hardware platforms or success's of the company. Without him in 1996, the company was in dire straights. It took him coming back to straighten the ship.



I suggest anyone wanting to learn the history of the company do some research. It's an American Business marvel. While I am not a huge apple person they definitely have thier nitch in the PC world.



Tim Cook has not near the visionary as Jobs, although I suspect they will remain strong. For how long, who knows.



For awhile last week it was the largest, strongest, American company on the Stock Market.

Jobs was the face of Apple and in the PC industry Jobs and Wozniack (so spelling that wrong) are rockstars for what they did. So yeah it makes sense the stock tanks when he steps down.

 

[R K]

Jobs is a pancreatic Cancer survivor. He is/was the recipient of a liver transplant due to the cancer. I never knew that, or just didnt pay attention to it at the time.



**** CANCER!

 

[supraman]

hey hey watch the language RK

 

[Kerfuffle]

Just another example of stock prices being driven by BULLSHIT. In all likelihood, nothing will change with Apple products... They still have all the same people there developing their goods. It is ONE FUCKING PERSON, who likely hasn't been doing shit as far as the products are concerned for a few years now. He's not exactly a young guy, and has made more than enough money to never have to work again. He has more than likely been slowly pulling himself out of every day operations over the last several years. If I was 56, and never had to worry about money for myself or my family again, I wouldn't be working either. However, investors love to knee-jerk react to ANY kind of significant change at a company. Perfect example right here.

The guy is dying of cancer so his decision to step down was not unexpected. When Jobs left Apple years ago the company did not do well with him. I remember it clearly back then and investors not being satisfied with the direction of the company. After so many years Jobs was coaxed to come back and the company got on the right track again and the stock shot up.

 

[klemmer]

Jobs is a pancreatic Cancer survivor. He is/was the recipient of a liver transplant due to the cancer. I never knew that, or just didnt pay attention to it at the time.



**** CANCER!

It's unconfirmed, but widely believed that he also underwent the Whipple procedure.

 

[Kerfuffle]

It's unconfirmed, but widely believed that he also underwent the Whipple procedure.

What's that?

 

[klemmer]

What's that?

If a patient catches a break and is diagnosed with pc at an early stage, it is a major procedure that they can perform.



TBird underwent it a couple of years ago.



The surgery is so nasty that I know of someone who elected to accept his fate rather than undergo the procedure after talking to Tbird.

 

[Kerfuffle]

If a patient catches a break and is diagnosed with pc at an early stage, it is a major procedure that they can perform.



TBird underwent it a couple of years ago.



The surgery is so nasty that I know of someone who elected to accept his fate rather than undergo the procedure after talking to Tbird.

Why is the surgery so bad - do they remove a part of the pancreas?