Apple CEO Steve Jobs Resigns
August 24, 2011 at 4:25 PM (PT)
MARKETWATCH reports that APPLE CEO STEVE JOBS has decided to resign and has asked TIM COOK to replace him. Immediately after the announcement, APPLE shares were halted on WALL STREET.
The WALL STREET JOURNAL reports that JOBS sent out the following letter:
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.
The Bottom Falls Out In After-Hours Trading
Although APPLE suspended trading until the end of the day, MARKETWATCH later reports that the stock took a major hit in after-hours trading, dropping over 5% to around $355. You can see how the stock virtually fell off the cliff before settling down here.