Steve Jobs Resigns as CEO of Apple

In case you haven't heard yet... Steve Jobs is no longer CEO of Apple. The "King of Cupertino" reigned for 14 years at the helm of the company that he co-founded with Steve Wozniak in the early days of the personal computer revolution.

This move, while appearing to be a shocker, is actually not as big a deal as many will make it out to be... at least in my opinion. Jobs has been ill for the last few years having beaten pancreatic cancer, receiving a liver transplant, and has been on medical leave since January of this year for an undisclosed medical condition.

Why don't I foresee this as a big deal? Well, the number one reason is that Jobs will stay on as Chairman of the Board. That means he still will wield substantial clout in all things Apple, while allowing him to be more distant from the day to day things that could perhaps adversely affect the his health. The other reason is that his successor, Tim Cook, has been Apple's COO for some time and has already been the Apple CEO. Many probably don't remember, but Cook filled in for Jobs as Interim CEO in 2004 when Jobs was in the recovery phase of this cancer surgery. My point is that he's done the job before and has been with Apple since 1998, so he obviously is trusted as well as knowing what he's doing.

So hopefully now you're not as concerned either. Now if, God forbid, Jobs passes away... that changes things greatly. However, at this point I'm willing to believe in letting Jobs be a bit more hands-off while Cook drives the machine in Cupertino.

Here is the text of Steve's resignation letter:

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.