Steve Jobs Resigns!

Silicon Valley legend, founder of three companies, and CEO at Apple has just resigned from his post.

Apple stock declined 7% in after hours trading due to questions as to the direction of the company after his resignation.

Jobs elected to stay on as chairman of the board, and to leave Tim Cook, the present COO, as the CEO.

Analysts of the company do not expect the resignation of Jobs to have any effect in the short term, but without his innovating prowess, long term viability is a question.

The last time Jobs was not featured prominently in the company, it slowly declined in market shares and revenue until Jobs brought it back from the brink 14 years ago.

Investors have had questions about his health for years and this seems to be a confirmation that Jobs is very sick indeed.

Here is the letter he sent to the Apple board.

August 24, 2011–To the Apple Board of Directors and the Apple Community:

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.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Here is a picture of him in his present condition.