Steve Jobs, who served for 14 years as the iconic Apple CEO, handed in his resignation of the position on August 24, 2011. In a surprise announcement last week, Jobs said in a letter 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.”
Shortly after, Apple’s Board of Directors accepted and made immediately effective Jobs’ resignation, appointed him as a director, and elected him as Chairman of the Board. Taking Jobs’ recommendation, the Apple Board of Directors also named the company’s COO, Tim Cook, as the new CEO.
Jobs’ resignation didn’t come as a surprise, however. A survivor of pancreatic cancer, Jobs has been on a medical leave since January 17; although neither Apple nor Jobs have yet disclosed the details of his condition. Several analysts had already predicted that Jobs would step down in 2011 after he filed his most recent medical leave, his second one in two years; and that Tim Cook would become Apple’s next CEO.
While Apple and Jobs remain confident that Cook will be able to successfully fill in the void left by Jobs in much the same capacity, several analysts have expressed their views that Jobs’ resignation marks the end of an era for Apple. Jobs most recent tenure at Apple was marked not only by a return to profitability after the company posted multi-billion dollar losses a few years prior, but also by the successful reinvention and restructuring of its product line. Because of this, Jobs has developed a cult following amongst consumers and Apple employees alike who cling to his every word and are the first to defend the visionary CEO’s ideas whenever they receive negative criticism.
Jobs return to Apple brought about a collaboration with Microsoft to release Microsoft Office on the Mac and an ease in competition between the two computing giants. Apple has also collaborated with Intel to develop hardware for their Macs. It also brought about the development of successful products such as the iPod, iPhone, and iPad. Jobs is also credited as being the mastermind behind the success of the iOS, which included setting limitations for the types of applications it can run – most notably the controversial exclusion of Adobe Flash Player.
Tim Cook, who was brought on board by Jobs as the Senior Vice President for Worldwide Operations in 1998, has been with Apple for 13 years. He was promoted to COO in January 2007. Cook has also served as CEO during 3 of Jobs’ absences – for two months in 2004, while Jobs was recovering from pancreatic cancer; for several months in 2009, when Jobs took a leave of absence for a liver transplant; and since the beginning of Jobs’ medical leave this year.
Cook has been charged with continuing Jobs’ vision of making Apple computers as easy-to-use and ubiquitous as televisions, food processors, and radios. While Cook has built a reputation of being exceptionally skilled operationally, it still remains to be seen if he can match the Jobs’ visionary perfectionism.
Following Jobs’ resignation, Apple shares experienced a 7% slump, but market analysts and long-time Apple observers agree that, at least in the next few quarters, the company will still be able to stick to its fabled product-launch roadmap and maintain its top-notched image with consumers. But few can tell what will happen when Jobs’ vision expires and when Cook will have to steer the company according to his own vision for it – for Apple the saying is true, only time will tell.