Technology

Apple's Steve Jobs Resigns as CEO, Succeeded by Tim Cook


Bloomberg — Apple Inc. Chief Executive Officer Steve Jobs, who built the world’s most valuable technology company, resigned. He is succeeded by Chief Operating Officer Tim Cook.

Jobs took a medical leave of absence Jan. 17 as a rare form of cancer he’s been battling since 2004 and a more recent liver transplant worsened his health, a person with knowledge of the matter said at the time.

“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,” Jobs said in a statement. “Unfortunately, that day has come.”

Under Jobs, Apple became the second-most valuable company in the world, after Exxon Mobil Corp., by introducing devices that revolutionized the computer, mobile phone and digital music industries. His attention to detail and emphasis on sleek, easy-to-use products helped Apple repel competition from rivals as varied as Google Inc. and International Business Machines Corp.

“Jobs has been a strong figure in the company historically, but he hasn’t been a driving force for the past two years,” Daniel Genter, who oversees about $3.7 billion as president of Los Angeles-based RNC Genter Capital Management, said in a telephone interview. “It brings clarity, he will continue as a capable board member and it creates a transparent succession plan.”

Apple gained $2.58 to $376.18 at 4 p.m. New York time on the Nasdaq Stock Market, and the shares were halted before the announcement in late trading that he was resigning.

The shares have climbed 17 percent this year, and have surged from an adjusted $5.48 on Sept. 16, 1997, the day Jobs retook the reins as head of the company.

With Nikolaj Gammeltoft
Tom_giles
Giles is editor of the Technology channel on BusinessWeek.com.

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