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Steve Jobs Resigns as CEO of Apple

1667 points| taylorbuley | 14 years ago |finance.yahoo.com

305 comments

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[+] danilocampos|14 years ago|reply
Apple's going to be fine. Steve's most extraordinary work isn't the Mac, the iPhone or the iPad. It's rebuilding Apple in his image. It was creating organizational culture and habits that mimic his weird brain, like their aggressive software prototyping to prove that things work well and feel good.

Fuck, I'll miss him, though. I'll miss the way he got up there each and every time like he was selling you your own personal Jesus in a box. Not out of hucksterism, but because he really was that excited to share what he and his people had been working on. Excited to do things better. Excited to solve problems in a way that was far more tasteful, more satisfying, than anything anyone had bothered to try before. Maybe he'll still do announcements as his health allows – but maybe that would send a weird message.

He's a man who was lucky enough to find out exactly what he did best – and to seize upon it with every cell in his body.

I'm a better person for his example. The resurrection of Apple was one of the most enjoyable things I followed in my childhood. No matter how you feel about his approach, this is a guy who loves his work with an intensity that couldn't be faked and won't be soon matched.

[+] ellyagg|14 years ago|reply
Apple's going to be fine.

One half of Apple is execution. I believe that Jobs has infused the company with a culture based on his favored principles, and it's reasonable to think this culture is sticky.

The other half of Apple is big strategic decisions. Do the iPod. Do the iPhone. Do the iPad. I don't know anyone else with a track record like that. I don't know that it's trainable. Until the next smash product line that's not from his lips to Apple's ears, I don't know that Apple is going to be fine.

[+] extension|14 years ago|reply
Things will be fine for a while, maybe a few years. But then someone important at Apple, who everyone likes, will come up with an idea.. that sucks. They will tell other important likeable people about their idea and those other people will say they like the idea, because that's what important likeable people do.

Some people will know that the idea sucks, but they won't say so because if they did then nobody would like them. Why should they stick their neck out just to shoot down an idea? For the sake of the company? Pfft, no way. After all, it's not their company. They love working there, but it's not like they built the company from scratch in their garage or something. If they don't get along with people at work, what's the point?

And besides, Apple is so successful that it can absorb a sucky idea or two. Or three. Right?

Saying no is a big part of what makes Apple great and Steve was the guy who could say it. I don't know how he did it. I mean, eventually he could do it because he was Steve Jobs but I don't know how he did it in the first place. Who can do it now? Who would want to? It's irrational.

[+] gry|14 years ago|reply
Apple's going to be fine.

Jobs brought back Apple from the brink in 1996. Depending on who you talk to, they were months or weeks away from bankruptcy.

Fifteen years later, its flirted with being the most valuable company in the world.

Cook is the only choice. He's so good at not being Tim Cook, Apple is the focus. Barring Steve having failing health, this is a masterful transition.

[+] bane|14 years ago|reply
Not out of hucksterism, but because he really was that excited to share what he and his people had been working on.

I always viewed his pitches as amazing one-man performances, and buying whatever he was selling was just part of the cost of admission. Plus you ended up with a cool take home gift out of the exchange.

It never felt cheap, but often worked in areas that others would just turn into hopeless kitsch, yet somehow he kept it tasteful, meaningful and relevant. An absolute virtuoso of the sales performance.

[+] TomOfTTB|14 years ago|reply
For the record this doesn't necessarily mean he will stop giving presentations. Gates continued to do his Comdex speech after stepping down as CEO (and remaining as Chairman)
[+] psychotik|14 years ago|reply
The key to Apple and Tim Cook doing well is not asking "What would Steve do?", IMO. Trying to 'be' Steve or emulate him is not going to help. If the company and Tim Cook can continue to build a new unique character, which maintaining the foundation built by Steve, they will be fine.
[+] dholowiski|14 years ago|reply
Apple is not going to be fine and to think otherwise is deluding yourself. Apple has about a year worth of Steve awesomeness built up before it starts to show cracks, before the Steve clones start to leave Apple for Facebook, Google or The Next Big Thing. However you summed it up well. Fuck I'll miss him. Seriously.
[+] Iv|14 years ago|reply
Apple will continue to make quality products but I doubt it will keep the ability to market them as well.

They lose their vision, and in this rare instance, this word actually means something. It meant they could release a totally new product and have an immediate business success. They just lost that. The iPhone 5 will be fine, the iPad 3 will be fine. The next "big thing" will fail.

I won't lie : I am relieved that this happen. In Job's "vision" there was a lot of things I didn't like in terms of lockdown, of control of consuming habits, in its relationship with developers seen as allies when living in Cueprtino but has spawns of hell when independent.

So long Steve, and thanks for the fish. As a human I wholeheartedly hope you will overcome your medical problems, as a developer I sincerely hope that this means the darker parts of your visions become further from reality.

[+] teyc|14 years ago|reply
> this is a guy who loves his work with an intensity that couldn't be faked and won't be soon matched.

This is one of the reasons I don't believe Apple will achieve the same heights without Steve.

For instance, a Picasso and its reproduction may look the same, but the original has a story behind it. One is almost entering into a relationship with a piece of art. This is why we'd put up with any idiosyncracies that Apples have for so long.

Apple without a story becomes Apple Corp. Sony fell by the wayside in the same manner, when the founder left, the company simply did things the old way rather than asking why.

[+] krishna2|14 years ago|reply
I think the biggest thing is that everyone in Apple has a question they can ask themselves, "What would Steve Jobs do?". And if they can honestly answer the question and take decisions based on that, Apple with its lead and its teams and its products will stay ahead for a while to come.
[+] alanfalcon|14 years ago|reply
"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."

From the WSJ blog: http://blogs.wsj.com/deals/2011/08/24/steve-jobs-resigns-as-...

EDIT: Now posted on Apple.com: http://www.apple.com/pr/library/2011/08/24Letter-from-Steve-...

[+] thought_alarm|14 years ago|reply

    Apple Computer Inc
    the Apple II
    the Apple //e
    the Apple //c
    the Apple //GS
    the Mac
    Mac OS
    the Mac II
    the NeXT Cube
    NeXTSTEP OS
    NeXTSTEP API
    Objective-C
    Cocoa
    Mac OS X
    the iMac
    the Titanium PowerBook
    the iPod
    iTunes
    the iTunes Music Store
    the iPod Touch
    the iPhone
    the iPad
    iOS
    the App Store
These things have been utterly inspirational and important to me from the time I first discovered computers for myself at age seven, to today. Without them I would not be who I am today, doing what I'm doing today.

Thanks Steve.

(And if you're wondering what Steve Jobs had to do with the Apple //c, //GS, and Mac II, he was the one who brought in Frog Design to design Apple hardware throughout the 80s, and their work was marvelous, just as Jony Ive's work is marvelous today)

[+] shadowsun7|14 years ago|reply
And that's just Apple. Lest we forget, he changed the music industry, the film industry, the telecommunications industry (and maybe the gaming industry, see Nintendo's struggle vs the iPod and the iPhone as premier mobile gaming devices, but I think this is still up in the air)

Steve is truly, truly an American legend.

[+] steve19|14 years ago|reply
I would add the Macbook Air to the list.
[+] elmindreda|14 years ago|reply
Objective-C wasn't created at NeXT.
[+] AlexMuir|14 years ago|reply
Many of us on HN aspire to the success that Steve's had. We'd love to be him, to build something amazing like Apple. But I bet he'd give anything to have the good health and indeterminate life expectancy that we have tonight. I'll go to sleep thinking how lucky i am. And I'm going for a run tomorrow, because all the success in the world is for nowt if you lose your health.
[+] armandososa|14 years ago|reply
I don't know why, but I feel a little sad right now. Like being witness to the end of an era.
[+] Bud|14 years ago|reply
You're sad because you are sensing that there's no replacement for The Steve, either inside Apple or outside.

And you're right.

[+] vynch|14 years ago|reply
I am very very saddened too!...i wonder if we will see another such great artist and visionary in our lifetimes!
[+] StacyC|14 years ago|reply
Feeling exactly the same.
[+] swombat|14 years ago|reply
It makes perfect sense as part of the succession planning for Apple. This way, when Steve (very sadly) resigns "permanently" from any and all jobs, it will just be business as usual and not take down the Apple stock by 30% or something equally ridiculous.

Still, quite a shock.

[+] rhygar|14 years ago|reply
AAPL is still going to tank.
[+] ristretto|14 years ago|reply
Bloomberg west is already 40 minutes over time discussing Jobs' departure. Given the current market position of Apple, this comes at a bad time for the US economy in general i guess.
[+] alexqgb|14 years ago|reply
This is really sad. I'm just glad he got to enjoy the glory of seeing a company he started in his parent's garage become - if only for a moment - the most valuable enterprise on Earth.

I mean wow, what a ride.

[+] bitanarch|14 years ago|reply
He changed how normal people viewed technology.

That's much more important than the volatile numbers made up by Wall Street.

[+] swixmix|14 years ago|reply
He's still alive, you know.
[+] padmanabhan01|14 years ago|reply
This is the first time I have personally felt sad when a CEO has quit his company.
[+] redorb|14 years ago|reply
I will be sad when Mr. Page and Brin retire as well.
[+] cabinguy|14 years ago|reply
Me too. I am not a big apple fan (I stay away from most of their products for reasons I will not go into here), but this marks the end of an era.
[+] whatrocks|14 years ago|reply
I can't think of any other public company CEO departure that would even come close to this feeling.
[+] breckinloggins|14 years ago|reply
It pains me to admit it, but I'm relatively relieved. Sure, the stock price will take a beating, but I have to believe that Apple, the company, will remain strong under Tim Cook's leadership.

Why am I relieved? Because, although AAPL is still quite high, I think that investors have been weary of the stock due to the uncertainty of Jobs' health and future. Make no mistake, we'll have a roller coaster for quite a while, but I strongly suspect that the next few product cycles will demonstrate that Apple is still a game-changer even in a world where Jobs is not at the helm.

That being said, I'll miss him. He's a true visionary and such high-profile leaders only come along once in a great while.

[+] Zakuzaa|14 years ago|reply
AAPL is trading at 14.xx P/E. It's low for a company with such an astonishing growth rate. To add some perspective, AMZN's P/E is hovering at 85.xx.
[+] ww520|14 years ago|reply
Steve Jobs along with Bill Gates and others define the personal computing era. I grew up seeing these people trail-blazed and built up the technology world we know today. It's sad to see Jobs is stepping down, most likely due to health reason. It's like the representation of our computing generation is fading away.

I don't know why but the dialogue from Blade Runner suddenly comes to mind, "I've seen things you people wouldn't believe. Attack ships on fire off the shoulder of Orion. I watched C-beams glitter in the dark near the Tannhauser gate. All those moments will be lost in time... like tears in rain..."

[+] kooshball|14 years ago|reply
Wow. Even though everyone saw this one coming, I dont think anyone expected it to happen so soon. It will be interesting to see how the market reacts tomorrow, I imagine it wont be pretty.

As the COO, Cook did great job lining up and executing the production line. Most of the creative work should already be in the pipeline for the 2012, 2013 releases. We'll see what happens after then.

[+] technoslut|14 years ago|reply
Apple will probably be fine for the next decade. The main concern is if Apple can continue to create disruptive products.

From Jobs' own mouth, it was his idea for the iPad a decade ago and from that sprung the iPhone.

[+] johnx123-up|14 years ago|reply
Not to be pessimistic... but skeptical on this MBA guy
[+] JacobAldridge|14 years ago|reply
I'm preparing a presentation for the HN Meetup in London tomorrow and I used Apple as a 'forthcoming' example of Succession and its impact on equity/ share value. Guess I better reword that bit now, and again when the markets open tomorrow.
[+] anatoly|14 years ago|reply
It's difficult to imagine this could be for any reason other than his illness, but I'd like to hope against hope.
[+] 51Cards|14 years ago|reply
Agreed, in fact I suspect that the 'chairman' position may also just be something to keep the stock from nose-diving and that it may not last long. I just have a feeling that Jobs wouldn't step back until he really really had to, and that it may be a sign of things being worse than he will let on right now.
[+] teyc|14 years ago|reply
The biggest thing Jobs brought to the computing industry is humanity. The understanding that in the end, humans come first.

The second thing is he taught that you don't have to check every box in order to be successful.

He stripped computing back to its roots in science fiction, and built devices that were originally imagined, taking away feature after feature until something is understood.

[+] nhangen|14 years ago|reply
I'm sad about this in the same way I'm bummed when a great athlete retires. We've witness one of the greatest turnarounds in history, and though I'm confident that Apple will remain strong, it sucks to see this happen.

That said, when the market dips, buy, buy, buy.

[+] bane|14 years ago|reply
I can only feel a bit of sadness not just from his resignation, but from the health circumstances that are likely behind this.

I have to take my hat off to Mr. Jobs. Though there is much I disagree with him on (and personally, I'm not much of an Apple fan or consumer), he's one of the most amazing, talented and driven people I've ever seen.

He's brought a unique and masterful skill to the art of selling, vertical integration, acquisitions and consumer electronics. And I mean art. Vertical integration was never something I thought I'd appreciate on an aesthetic level until I saw the level that Jobs has raised that form to time and again. The NeXT computer production line was divine.

I think he's learned tremendously from what happened to Apple the last time he left and has spent extraordinary effort to ensure a smooth and capable team takes over. I can only guess that this might be happening after seeing the capability that the current team has executed with these past few months.

I want Apple in the fight, they continuously raise the bar in the industry and literally make it great to be a consumer, even if you don't buy their stuff yourself.

Kudos to Jobs for a job well done, and I wish him the best in health.

[+] gamache|14 years ago|reply
And Tim Cook is his successor, it's confirmed:

> Steve Jobs Resigns as CEO of Apple

> Tim Cook Named CEO and Jobs Elected Chairman of the Board

> CUPERTINO, California—August 24, 2011—Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

http://www.apple.com/pr/library/2011/08/24Steve-Jobs-Resigns...

[+] AlexMuir|14 years ago|reply
And the greatest second act in (business) history draws to a close. He's changed the world. And he made Apple the most valuable company in the world. That's quite some achievement for a terminally ill man.
[+] grammaton|14 years ago|reply
“The problem is I’m older now, I’m 40 years old, and this stuff doesn’t change the world. It really doesn’t. I’m sorry, it’s true. Having children really changes your view on these things. We’re born, we live for a brief instant, and we die. It’s been happening for a long time. Technology is not changing it much — if at all."

--Steve Jobs