Steve Jobs has ended his 14-year-reign over Apple, the company he co-founded from his garage in the late 70s, without any reasoning. But he asked Apple, in his resignation letter, to reassign him to keep his position as board chairman.
…What?
Tim Cook, the company’s Chief Operating Officer, has taken his position. Cook has been standing in for Jobs while Jobs has been on medical leave — he has had a rare case of pancreatic cancer — since January of this year.
Shortly after Jobs’ announced, Apple shares dropped 7 percent.
While the news is sudden, Jobs’ medical condition may be a contributing factor to his departure. Or else he’s joining Bill Gates’ philanthropic brigade.
Not reassign. He is already chairman. He was both. He is resigning one position and asking to keep the other. The two are separate positions and do not necessarily have to be occupied by the same person.
Wow, way to botch a news item. See comment above. Plus, Jobs HAD pancreatic cancer, which was treated in 2003. He had a liver transplant in 2009, complications from which are the likely reason. And if you really want to be picky, it was more than a 14-year reign, in total.