Steve Jobs steps down as CEO of Apple naming Tim Cook as his successor. AAPL shares are halted in after hours trading and are set to resume trading at 6:55 PM EST.
Press Release of Steve Jobs 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.
Note Added 6:58 PM EST: AAPL shares have resumed trading, down 4 to 7%, 20 to 25 points, towards 350-355.
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