Steve Jobs has resigned from his role as CEO of Apple. In a major bombshell, Jobs drafted a letter to the Board of Directors (which we have posted after the break) explaining that the time has come where he is no longer able to meet his duties and expectations as Apple CEO. It's truly the end of an era, as many see Apple and Steve Jobs as an inseparable pair. However, recent health problems have led to Jobs taking a few leaves of absence, most recently this past January. Many speculated that he wouldn't return from this latest leave, and now it has come true.
Steve Jobs has recommended that Tim Cook, who has been acting as CEO in his absence, be named as his permanent successor. Steve would like to act as Chairman of the Board, director, and Apple employee.
Over the last few years, Apple has stockpiled cash in such huge amounts that investors often question Apple about its strategy of keeping so much money around. When asked about it, Steve Jobs and team always points out that the market is unstable and they need to have cash in place for good times and bad, as well as have money available for major acquisitions, as part of its growth strategy.
And even though this answer normally keeps its investors at bay, as Apple continues to grow its cash reserves, which currently sits somewhere around $70 billion, investors and media alike continue to tell Apple that perhaps it's time to release a dividend to shareholders. But Apple is steadfast about its position. An interesting post from an anonymous writer on Quora recently shared a fascinating view of why Apple keeps so much cash around.
As we reported earlier today, Steve Jobs has taken another medical leave of absence from Apple.
So what happens now? That's the exact question that the world seeks answers for in the wake of this morning's announcement. What we do know is certain: Tim Cook, chief operating officer, will be at the helm for the companies major product launches going forward.
What we don't know is, well, everything else. But Jobs' unexpected health announcement does shed new light on recent Apple dealings as of late and, more importantly, comes with a few givens for the future.
The saga of health of Steve Jobs and the rumors surrounding his condition are back, as the Apple CEO had just announced that he will be taking a six-month leave of absence from his post at the helm of Apple. COO Tim Cook will handle day-to-day operations at the company while Jobs is gone. All this, after Steve handed the MacWorld keynote slot to Phil Schiller, and even went on to post that his health was under control. In a note to Apple, Steve Jobs made it known that he had just learned that his health issues are a little more “complex” than first diagnosed.
You can find that letter below - we just hope that Steve gets back to good health quickly, and actually does return to his usual role as Apple CEO. However, something tells us that he may not be back. Of course, we hope we are wrong.
I am sure all of you saw my letter last week sharing something very personal with the Apple community. Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my
health-related issues are more complex than I originally thought.
In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.
I have asked Tim Cook to be responsible for Apple’s day to day operations, and I know he and the rest of the executive management team will do a great job. As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.
I look forward to seeing all of you this summer.