Steve Jobs, the CEO of Apple, has resigned. Although his resignation was speculated amongst those close to the company, it was made official tonight when Jobs released his letter of resignation. He wrote that he could “no longer meet [his] duties and expectations,” which is likely due to his deteriorating health.
Jobs co-founded the company in 1976 (yes, Apple has been around that long) and he became the CEO in 1997. While the company wasn’t exactly a hit at first (they almost went bankrupt at one point), the real turning point came in 2001 with the release of iTunes. A year later, the iPod came and after that, well, the rest is history.
Apple is one of the largest companies around, with more cash than the U.S. government (according to some). Steve Jobs has done tremendous things during his time there and he will be missed.
Tim Cook has been elected CEO and already, Apple‘s stock has fallen in the after hours market. It will be interesting to see how the stock does over the coming weeks and how the business/tech world is going to react to this.