Apple says Jobs resigning as CEO, effective immediately
— -- The Steve Jobs era appears over.
Jobs, the charismatic but ailing CEO and co-founder of Apple, who guided its creation of innovative products such as the iPod, iPad and iPhone that transformed personal technology and made the company one of the nation's largest, stepped down Wednesday as top executive.
Jobs submitted his resignation Wednesday, referring to his condition as the reason without detailing it.
"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," Jobs wrote to the board of director. "Unfortunately, that day has come."
Jobs asked to remain as chairman of the board and suggested the company proceed with its succession plan to have him succeeded as CEO by Tim Cook, who was Apple's Chief Operating Officer. Apple said Jobs was elected board chairman and Cook is becoming CEO and a member of its board.
Wall Street reacted immediately. Shares of Apple fell $22.18, or 5.9%, to $354 in after-hours trading in the immediate minutes following the news of his step down.
Jobs has been battling pancreatic cancer for several years and has been on medical leave from Apple since the beginning of the year. He has continued to show up at Apple events to introduce new products, most recently in June, at an Apple developer's meeting where he appeared thinner than usual.
Jobs is known for being completely involved in every major decision at Apple, from the type of wood used for counters at the Apple Store to the color of the latest iPod.
His run of smash hits -- the iPod, the iPhone and the iPad -- has been unprecedented in modern times, says Richard Doherty, an analyst with the Envisioneering Group.
"It's the power to say no," he says. "A lot of products could have gotten to market earlier, but he wanted it better. So many products fail because they're not ready.''
Related Stories
ABC News Live