NEWS: Steve Jobs Resignation Letter as Apple CEO.

What was going to happen one day has finally happened on Wednesday 24th Aug 2011. Steve jobs one of the Einsteins of the modern Tech world has finally reigned as CEO of Apple. Specific reasons for resignation are unknown but its believed that his deteriorating health is prime reason.

Here is the Resignation letter from Steve Jobs to the Apple's Board of Directors.

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

Impact of Steve Jobs Resignation on Apple Inc:
Short Term:

1. Stocks prices of Apple fell marginally.
2. Confusion in investors as to why today.

Medium Term

1. No major impact on Apple's product lineup like iPhone and iPad.
2. Tim Cook named as New apple CEO.

Long Term

1. Steve Jobs will remain chairman if Apple board permits.
2. Other Long term impacts are unknown.

Sources: Mashable.com and timesofindia.indiatimes.com