Apple Stock Shakeup: Steve Jobs Resigns

August 24, 2011 |  by  |  Breaking News
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Apple is one of the most innovative and successful companies in the world and is now in the spotlight for another reason. In the resignation letter heard ’round the world, Apple CEO Steve Jobs says iQuit!

Read on!

If you’re ever the CEO of an empire, it’s best to go out on a high note. Steve Jobs announced his resignation today after co-founding the company 35 years ago. He wrote:

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.

So who’s taking over? Tim Cook, Apple’s COO, will be filling Jobs’ shoes who will stay on as Chairman of the Board in a leadership capacity. And what about Apple stock? As expected, Apple stock (AAPL) took a slight dip of about 5% after news broke.

Steve Jobs’ health was not mentioned in the letter although it likely played a pivotal role in his decision to step down as CEO. In 2004, he was diagnosed with a treatable case of pancreatic cancer and has remained tight lipped about his health amidst the speculation.

In his only commencement address six years ago, Steve Jobs delivered a powerful message to the graduating class at Stanford University:

Death is very likely the single best invention of life. It is life’s change agent. It clears out the old to make way for the new. Your time is limited, so don’t waste it living someone else’s life.

Words to live by.

Healthy or not, when it’s time to move on, you move on!

 


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