The iPod and iTunes transformed the way audio and video entertainment is distributed and consumed, while the iPad is moving the world from laptops and notebooks to tablets. Even those who have been able to resist the power of the Apple marketing machine, have given its personal technology gadgets an envious glance.
The board has named Tim Cook, previously the company's chief operating officer, as Jobs' replacement as Apple's CEO and a member of the board.
"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company," said Apple director and Genentech chairman Art Levinson, in the statement.
Steve Jobs is a man who lives in the minutiae of details. He, with his loyal staff, perfects what others would pass off as perfect. He has 313 patents to his name, which range from the Apple III to the iPod’s acrylic packaging. Almost all of them are notable but only a few are iconic.
With his trademark jeans and black roll-neck sweater, little round glasses and cropped hair, he was the very archetype, the personification of the company. His every word and action was closely watched by his followers, who absorbed the signs and interpreted them almost like Kremlinologists. In a similar fashion to the Moscow watchers, when the big news broke that he was finally stepping down as chief executive, they missed it. His life story reads like a penny thriller: the adopted son of a Syrian father and an American mother, he toyed with Buddhism before discovering computers. He founded a company in his garage, became a millionaire in his 20s, hired the head of Pepsi to run it, and was then sacked by him. He built up another company NeXT, he also co-founded and was CEO of Pixar Animation Studios.
Jobs returned to Apple in 1997, and became the driving force behind the development of the iMac, iPod, iPhone and iPad, turning Apple Inc. into one of the world’s most powerful companies, with a cult following stretching from China to Chile. This year Apple Inc. became the largest publicly traded company in the world by market capitalization, surpassing long-time rival Microsoft and briefly eclipsed oil giant Exxon.
Apple released Jobs' resignation letter, which read as follows:
"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.
—Steve
Apple has a number of upgrades of its products in the pipeline, that will secure the immediate future of the company. But, Jobs is the man who has been able to see the "next big thing" in the personal technology industry, and who had the determination and drive to make it happen.
Shares in Apple dropped five per cent on the news of Jobs resignation, even though he will take up the position of chairman in the company. Investors are seemingly not convinced that the company will be as innovative and entrepreneurial without his hands on the wheel.
