Apple shares are down to 7% hours after the news that Steve Jobs was stepping down as CEO was released.
Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded.
Jobs who has been on medical leave for an undisclosed condition since January 17, announced he will be replaced by COO and longtime heir apparent Tim Cook.
"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," he said in a brief letter announcing his resignation.
Jobs has been on medical leave since January. He was diagnosed with pancreatic cancer in 2004 and underwent a liver transplant two years ago, as Yukari Kane mentions in her story about the resignation.
Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded.
Jobs who has been on medical leave for an undisclosed condition since January 17, announced he will be replaced by COO and longtime heir apparent Tim Cook.
"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," he said in a brief letter announcing his resignation.
Jobs has been on medical leave since January. He was diagnosed with pancreatic cancer in 2004 and underwent a liver transplant two years ago, as Yukari Kane mentions in her story about the resignation.
SOURCE:
http://online.wsj.com/article/SB10001424053111904875404576528981250892702.html
http://news.yahoo.com/steve-jobs-resigns-ceo-named-chairman-224223853.html
