Tim Cook takes control of Apple as Steve Jobs steps down

Tim Cook: takes the reins from Steve Jobs
Tim Cook: takes the reins from Steve Jobs

Apple co-founder Steve Jobs resigned as chief executive last night (24 August) following seven months of medical sick leave.

Jobs, who co-founded Apple in 1976, is to become chairman of the tech company, while chief operating officer Tim Cook, who has been running the company in his absence, is to become his successor.

In a resignation letter to the Apple board, 56-year-old Jobs 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.

"I believe Apple's brightest and most innovative days are ahead of it." Jobs has been responsible for turning Apple from a minor player in the global computing market to world's most valuable company by market capitalisation.

Jobs was fired from Apple in 1985, after a sales slump when Microsoft PC's dominated the tech market.

He returned to the company in 1997 and turned around its fortunes, developing a succession of innovative new products, including the iMac, iPod, iPhone and iPad and transforming the digital and tech landscape.

Apple's fortunes and products have been closely associated to Jobs and after the news broke in the US yesterday, Apple shares fell more than 5% in after-hours trading.

There have been concerns for Job's health since he announced he had a form of pancreatic cancer in 2004. In 2009 he underwent a liver transplant and took six months leave to recover.

Despite being out of action for six months, in the year after his transplant, Jobs developed and launched the iPad, which became an industry game changer.

His resignation comes as Apple is due to unveil its iPhone 5, which has been widely tipped for an early September launch.

Job's charismatic on-stage product demonstrations have become a key part of new Apple product launches. He returned from sick leave to introduce the iPad2 in March and more recently presented its iCloud service in June, when he was reported to look gaunt on stage.

The Financial Times named him Person of the Year for 2010.

It is unknown whether in his new role as chairman he will take to the stage to unveil the iPhone 5.

In its most recent financial results Apple reported a doubling of its net profits, from $3.25bn to $7.31bn, fuelled by booming demand for its iPhone and iPad products.

The company reported revenues of $28.57bn in the three months to the end of June, compared to revenues of $15.70bn a year ago.

Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now

Latest

Leaked document shows Nokia to be rebranded as Microsoft Mobile
Nike lays-off hardware staff in move that casts doubt on future of FuelBand
Greenpeace says save the bees or humans will die
What brands need to know about changes to VAT and online downloads in 2015
Jimmy Savile victims urged to claim compensation in new ad campaign
UKIP launches biggest  ad campaign and stirs up 'racist' accusations
Apple boss Tim Cook provides voiceover on ad touting firm's renewed green commitments
John Lewis walks consumers through its history to celebrate 150 years of business
Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Toyota achieves the impossible by calming angry Roman drivers
Tom of Finland's 'homoerotic' drawings made into stamps
YouTube reveals user habits to appeal to 'older' marketers
Ex-M&S marketing chief Steven Sharp consulting at WPP
Wolff Olins reveals new CEO after Apple poaches Karl Heiselman
Glasgow offers £30,000 prize to best digital idea for 2014 Commonwealth Games
Google's revenues surge but shares drop as it grapples with transition to mobile
Facebook beats Twitter to most 'marketing friendly' social media site crown, says DMA
Fableists believe children like Finn should be outdoors enjoying life
Homebase, Baileys and Camelot join the line-up at Media360
MasterCard renews Rugby World Cup sponsorship to push cashless message
Lynx unleashes £9m 'Peace invasion' campaign
Social Brands 100 Youth: Pizza Hut most social youth brand in UK
Cheryl Cole is wild and arresting in new L'Oreal work
Morrisons told not to show alcohol ads during YouTube nursery rhymes
O2 head of brand Shadi Halliwell departs after 23 years at company in restructure
Tesco hit by further sales decline as it turns to digital Clubcard and social network
Branding guru Wally Olins dies aged 83
Duracell short film captures epic Transatlantic voyage