Apple Inc. (AAPL) Chief Executive Officer Steve Jobs, who built the world’s most valuable technology company, resigned. He recommended that the board name Chief Operating Officer Tim Cook as his successor.
Jobs went on medical leave in January.
“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 said in a statement. “Unfortunately, that day has come.”
The assumption is that his battle with cancer has reached a point where he feels that he can't do his job. It's also telling that after hours trading of Apple stock was immediately halted upon the announcement.
Jobs's departure dampens the other big Apple story this week, that the expected iPhone 5 will be offered on Sprint's network in mid-October along with AT&T and Verizon, which means the phone is definitely on the way, but for a later 4th quarter release.
Tomorrow may be a very interesting day on Wall Street.