Jobs step down at Apple

August 29th, 2011 by James

Jobs step down at Apple

Steven P. Jobs, whose insistent vision made Apple one of the world’s most valuable and influential companies, is stepping down as chief executive.

“I have always said that if there ever came a day when I could no longer meet my duties and expectations as Apple’s C.E.O., I would be the first to let you know,” Mr. Jobs said in a letter released by the company. “Unfortunately, that day has come.”

From NYTimes.com:

Mr. Jobs, 56, has been on medical leave since January, his third such absence. He underwent surgery for pancreatic cancer in 2004, and received a liver transplant in 2009. But as recently as a few weeks ago, Mr. Jobs was negotiating business issues with another Silicon Valley executive.

Mr. Jobs will become chairman, a position that did not exist before. Apple named Tim Cook, its chief operating officer, to succeed Mr. Jobs as chief executive.

Rarely has a major company and industry been so dominated by a single individual, and so successful. His influence has gone far beyond the iconic personal computers that were Apple’s principal product for its first 20 years. In the last decade, Apple has redefined the music business through the iPod, the cellphone business through the iPhone and the entertainment and media world through the iPad. Again and again, Mr. Jobs has gambled that he knew what the customer would want, and again and again he has been right.

“Apple has been so innovative because Jobs takes major risks, which is rare in corporate America. He doesn’t market-test anything. It’s all his own judgment and perfectionism and gut,” said Alan Deutschman, who wrote a biography of Mr. Jobs.

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