One of the most memorable speeches of this time:Steve Jobs at Stanford Commencement Address(2005)
California, 25 August, 2011

World’s second most valuable company by market capitalisation Apple’s legendary co-founder Steve Jobs has resigned as chief executive. He will stay on as Chairman of the board. Chief operating officer Tim Cook would replace Steve Jobs. Cook ran Apple when Jobs went on medical leave for a live transplant. Cook has essentially been running day-to-day operations since early this year with the company racking up record revenue and profit.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” board member Art Levinson said in a statement on Wednesday.

Text of Steve’s resignation 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.

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.”

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