JOBS RESIGNS AS APPLE CEO (Update)

Steve Jobs has resigned as Apple’s CEO. In a letter to the company’s board of directors, Jobs said, “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.” Jobs, regarded by many experts for years as the most effective CEO of any major U.S. corporation, has been waging a valiant battle against pancreatic cancer since 2004. Apple’s board said that he would remain with the company as chairman and that Tim Cook would replace him as CEO. Jobs made no mention of his health and specified no cause for his decision to resign in his letter to the Apple board. He concluded his letter by remarking, “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.” Bloomberg News reported on Wednesday that Jobs is expected to remain a member of the board of directors of The Walt Disney Company. He also is one of six members of a steering committee that directs Disney and Pixar’s animation businesses. With a 7-percent stake in the company stemming from his sale of Pixar to the company in 2006, Jobs is Disney’s largest shareholder. Apple shares dropped about 5 percent in after-hours trading on Wednesday, recovered most of their losses by mid-day today (Thursday), then dropped again around 4 percent near the market’s close.