Steve Jobs stepped down from his role 11 years ago in the midst of health issues.
August 24, 2011 is a historic date for Apple, as it was the day co-founder and CEO Steve Jobs handed in his resignation as the company's top executive. On that Wednesday, the Cupertino, California based company's Board of Directors issued an announcement, saying Jobs had resigned as Chief Executive Officer and that they appointed Tim Cook to be their new CEO.
In a press release on the company's official website, Art Levinson of Apple's Board described Jobs' "extraordinary vision and leadership" that "saved" the company and propelled it to what is now known as "the world's most innovative and valuable technology company."
Levinson also commended Jobs' 13 years of service as Apple CEO, during which he made significant contributions to the company's success. At the time, Jobs was designated as Chairman of the Board, a role that required his "unique insights, creativity and inspiration."
Steve Jobs Resigns: The Aftermath
Steve Jobs' decision to resign as Apple CEO on August 24, 2011 came after a period of his leave of absence that began in January 2011. He had been battling pancreatic cancer for months and according to biographer Walter Isaacson, the Apple CEO regretted delaying surgery for it until it was too late, ABC News reported.
But Jobs' battle with pancreatic cancer began way back in 2003, during a time when he believed alternative medicine and a special diet would help alleviate his condition, Apple Insider reported. Jobs only publicly spoke of his health issues in June 2005, during a commencement address at Stanford University.
Jobs took a medical leave on January 17, 2011 and did not announce a return date. He passed away on October 5, 2011, just six weeks after he announced his resignation as Apple CEO. He was only 56 years old.
Apple Under Tim Cook's Leadership
When Steve Jobs submitted his resignation as Apple CEO, the company's Board of Directors named Tim Cook, its Chief Operating Officer as the new CEO. As the COO, Cook led Apple's sales and operations globally, including the end-to-end management of its supply chain, sales activities, and more.
Cook's first Town Hall as CEO on October 4, 2011 was poignant, as it featured an empty seat reserved for Jobs, who was unable to attend, 9to5Mac reported. It was a mere 24 hours later when Jobs passed away.
As the new Apple CEO, Cook was able to steer the behemoth of a ship despite Jobs' health issues and eventual passing. Forbes outlined three major accomplishments made by Cook, with the first being his ability to deliver stability to Apple even before Jobs met his untimely end.
When Jobs became less involved in the day to day processes of Apple in 2009, Cook took the lead and ensured Wall Street that the company would remain strong. This kind of leadership was crucial for the company especially through Jobs' death and it can be attributed to the former Apple CEO's in depth tutelage and guidance for Cook.
Secondly, Cook reimagined Apple's management and reorganized teams to establish project managers that would handle singular projects from start to finish. Lastly, Cook's deep understanding of the supply chain caused Apple to shift to create their own silicon. This capability enabled Apple to control their products from the CPU/GPU level onwards.
Under Cook, Apple has managed to become the world's first publicly traded American company to surpass $2 trillion, with a market cap of $2.08 trillion as of March 2021, Investopedia reported.
Related Article: Steve Jobs to Posthumously Receive the Presidential Medal of Freedom
