Steve Jobs announced to the world that he is stepping down as CEO of Apple after taking a leave of absence since January 17 for an undisclosed medical condition. Taking over the position is Tim Cook, who had long been positioned for this role; Jobs will remain as chairman.
“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,” wrote Jobs in a letter. “Unfortunately, that day has come.”
“Investors are very comfortable with Tim Cook even though Jobs has been a driver of innovation and clearly an Apple success. Tim has shown Apple can still outperform extremely well when he’s been acting as CEO,” said Cross Research analyst Shannon Cross. “I don’t know if it’s a health issue. I don’t know if it is a shock. Most likely it was going to happen at some point. Why today versus another day I don’t know.”
Source: Reuters {link no longer active}
