Tim Cook addresses Apple troops as newly appointed CEO, says “Apple is not going to change”

If you don’t know by now, former Apple COO Tim Cook will officially be taking over the reins as Apple CEO following Steve Jobs emotional resignation yesterday. While this left some to wonder whether or not the Apple culture Jobs help create would remain, Cook has now addressed the Apple team as CEO (posted below) ensuring the company and devoted Apple followers that the core principles of Apple will indeed stay the same. (via ArsTechnica):

Cook has considerable experience at Apple and in the technology industry as a whole. Having joined Apple in 1998 (after working at IBM for 12+ years) as Senior Vice President of Worldwide Operations, Cook’s work ethic and dedication eventually leaked over to the Macintosh division in 2004, and ultimately landed him in a role as COO where he has been since 2007. Cook is also said to have filled in for many of the key, day-to-day tasks that Jobs (who was recently on medical leave) would have otherwise performed, giving him not only experience at Apple, but also over a years combined experience as CEO.

Tim Cook’s full address to Apple employees as CEO:

Team:

I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world. Joining Apple was the best decision I’ve ever made and it’s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve’s optimism for Apple’s bright future.

Steve has been an incredible leader and mentor to me, as well as to the entire executive team and our amazing employees. We are really looking forward to Steve’s ongoing guidance and inspiration as our Chairman.

I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that—it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.

I love Apple and I am looking forward to diving into my new role. All of the incredible support from the Board, the executive team and many of you has been inspiring. I am confident our best years lie ahead of us and that together we will continue to make Apple the magical place that it is.

Tim

AAPL shares down only slightly in morning trading

AAPL shares are trading at a relatively small loss of anywhere from 1.5-2.5% from yesterday’s close against a slightly up broader market.  Overnight, shares had been down 5-6% in after hours trading on the news that Steve Jobs would be leaving his CEO role and taking the Chairman role.  This morning Apple opened at 365 and at the time of this writing, Apple is heading towards yesterday’s close, at 370.

I think the truth is that Jobs resignation from the CEO role, while shocking in the short term, had been baked into the share price for a long time now.

Competitors react to Steve Jobs’ resignation

Yesterday’s news that Steve Jobs decided to stand down as the CEO of Apple wasn’t entirely shocking to seasoned Apple watchers who knew this day would come. The writing has been on the wall for quite some time, if you were willing to read early signs, such as an open-ended sick leave nearly stretching into its ninth month. Wall Street understandably sent AAPL down 4.6 percent to $358.75 in early New York trading in what one investor described as “an emotional trade in the short term” that also affected Nasdaq-100 Index and Standard & Poor’s 500 Index which both declined a fraction of a percent on the news. Meanwhile, companies Apple counts as competitors gained. Both shares of Samsung and LG Electronics, which compete fiercely with Apple on smartphones, gained 2.4 percent and 1.3 percent, respectively, in Seoul trading.

NH Investment & Securities Co. analyst Seo Won Seok says Cook, Apple’s newly appointed CEO, “may try to improve the relationship with Samsung” or even work out a settlement of sorts. The notion has its merits as Steve Jobs was a strong advocate of intellectual property protection as Apple banned the copyist Samsung from selling smartphones and tablets in Australia, the European Union and elsewhere. Jobs exit could also turn into “lease of life” for Sony, Nokia, Hewlett-Packard, HTC and ZTE Corp – all companies under tremendous competitive pressure stemming from Apple’s successes in multiple markets. While Samsung and HTC spokespersons wouldn’t come on the news, top dogs from Sony, Nokia and ZTE would. Here’s how they complimented Jobs’ achievements…

Sony CEO Howard Stringer

I think his brilliance has been well documented, but what gets forgotten is the bravery with which he’s confronted his illness. For him to achieve this much success under these circumstances doubles his legacy.

Nokia CEO Stephen Elop

Steve Jobs is a visionary in the computing industry. We look forward to both Steve and his team having a positive impact on our industry for many years to come.

ZTE Corp executive vice president

We are very thankful to Steve Jobs’s contribution to the smartphone and mobile broadband industry. With innovation spirit, ZTE will play a more active role in communication, smart terminal and mobile broadband industry, and build more value for consumers around the world.

Mossberg: Jobs intends to be involved in developing major future products and strategy, will stay active

In case you thought otherwise, the Wall St. Journal‘s Walt Mossberg says that Steve Jobs’ role at Apple will remain unchanged:

Extremely well-informed sources at Apple say he intends to remain involved in developing major future products and strategy and intends to be an active chairman of the board, even while new CEO Tim Cook runs the company day to day.

Jobs has essentially been doing this since he went on medical leave in January.

Reactions from around the web on Jobs’ resignation

We’re picking some some of the more meaningful reactions to today’s news.  It’s important to remember that Jobs isn’t gone from Apple, he’s Chairman Jobs now.
Bloomberg reports that Steve Jobs will stay on the board of Disney.

Apple’s Steve Jobs is said to be remaining on Disney’s board

The WSJ reports (they have a nice Jobs quotes as well):

People familiar with the situation have said that Mr. Jobs continues to be active at Apple and is closely involved in the company’s product strategy. Apple watchers don’t expect that to change even after Mr. Cook takes over.

Bloomberg, however, just reported that Jobs had been weak and housebound for several weeks but worked and attended today’s board meeting…

The iPhone Dev Team says “they loved the chase” referring to the ‘Cat and Mouse’ Statement Jobs made on jailbreakers a few years ago.  IT is signed from jailbreakers and tinkerers everywhere.  Obviously Woz and Jobs got their start this way.
Daring Fireball puts Apple, Inc into perspective as Steve Jobs’ greatest creation.

..the same things that define Apple’s products apply to Apple as a whole. The company itself is Apple-like. The same thought, care, and painstaking attention to detail that Steve Jobs brought to questions like “How should a computer work?”, “How should a phone work?”, “How should we buy music and apps in the digital age?” he also brought to the most important question: “How should a company that creates such things function?”
Jobs’s greatest creation isn’t any Apple product. It is Apple itself.

Woz (talking to Bloomberg): “Jobs once told him that it was his life’s plan to bring to technology to the world.”  He also said the iPhone was Apple and Jobs’ greatest creation.
Harry McCracken:

Still unimaginable: that Jobs was the most important person in personal technology both in 1978 and in 2011.

Om Malik:

And then there is Steve and Apple — a leader and a company not afraid to take the long view, patiently building its way to the future it envisions for itself. Not afraid to invent the future and being wrong. And almost always willing to do one small thing — cannibalize itself. Under Steve, Apple was happy to see iPhone kill the iPod and iPad kill the Macbook. He understands, you don’t walk into the future by looking back — if you do, you trip over yourself and break your nose. Just look at Hewlett-Packard, and you know what I am talking about.

For a great background story on Tim Cook, not much is better than his Auburn commencement speech
Gizmodo: Why Steve Jobs picked the perfect time to resign
If you have or have seen something interesting to add, please do, below.

Steve Jobs submits resignation as CEO of Apple, elected Chairman of the Board. Tim Cook in as CEO

This is of course a sad day and one that we’ve had in the back of our minds for years now.  After founding Apple 35 years ago in his garage in Silicon Valley, and subsequently getting pushed out less than a decade later, Jobs was brought back in in 1997 when Apple was on the brink of collapse.  In the 14 years since his return, Apple has turned into the most valuable company in the world by market cap.
To say he’s leaving the CEO position on top would be an understatement.
Since his third medical leave was taken in January it has seemed Jobs has been moving into a Chairman-type roll, still leading the Keynotes but giving everyone else a bigger role.  As Chairman, Jobs will “continue to serve Apple with his unique insights, creativity and inspiration,” said Apple Board member Art Levinson.  Tim Cook will take over as CEO as per the Apple succession plan.  Jeff Williams will likely take over as COO.

In the past months, Jobs has revealed a revolutionary new headquarters for the Apple of the future.  The authorized biography Steve Jobs by Walter Isaacson (pictured above) is due out in November.

The Resignation letter:

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

From the newswires….
CUPERTINO, Calif.–(BUSINESS WIRE)– Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple’s Board. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

Apple fixes Lion video lock-ups on iMacs, improves hardware support in Boot Camp for Windows

Apple has released a pair of new updates meant to fix video-locking issues on iMacs that run Lion and improve hardware compatibility when running Windows in dual boot mode on your Mac. The iMac Graphic FW Update 3.0 is now available for download, weighing in at a paltry 482KB. Apple says the firmware update “fixes a graphics issue that may cause an iMac to hang under certain conditions”.

You can also download this update by choosing Software Update from the Apple menu, in which case the update mechanism will determine whether your iMac’s graphics card needs updating and offer the refreshed software appropriately. Also, Boot Camp got a small update for Windows 7 (version 3.3).

The 200MB download includes critical bug fixes and hardware support. It is recommended for all Boot Camp 3.2 users and requires Windows 7 plus an existing installation of Boot Camp 3.2 on your system.