Well if you have not heard yet then here we go: Steve Jobs has resigned as CEO of Apple immediately but wants to stay on as Chairman of the Board. Tim Cook will replace him as CEO effective immediately. Chairman of Genentech Art Levinson said on behalf of Apple's 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. The Board has complete confidence that Tim is the right person to be our next CEO. Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.” There are not enough words to describe how much Jobs meant to Apple. After he resigned the company's stock fell over $20 post market closing. Though Apple has a ton of talented people that helped Jobs with his creations it was Jobs who was the face of Apple. When he took a leave of absence to deal with his cancer battle, people were worried about the companies future. I think that due to that the shock of his resignation was a little less of a major blow. Will the company continue to be strong? Of course. But if we look back at history... Chrysler was once a somewhat strong competitor in the American car wars. It was lead by Lee Iacocca. After he left the company, Chrysler slowly fell and became a lackluster car maker that seems to be on the verge of bankruptcy every quarter. Still Apple has almost $70 billion in cash that they can use for whatever, a loyal following and industry leading products. It may take a while but Tim Cook will prove himself to be a worthy CEO. Maybe we should thank Steve Jobs for stepping down now while he can still lead the company, in a way, instead of possibly dying and leaving the company without a formidable leader. I am giving Steve Jobs a Digit Up.
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