The inevitable has happened.  Apple CEO Steve Jobs decided to resign from his position and take up the role as chairman instead.  In a letter sent to the company’s employees yesterday, Steve Jobs announced the preordained departure. He strongly recommended Apple COO Tim Cook to succeed his position.

Here’s the letter in full:

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

Can Cook handle the heat?

Job’s decision is spot on. The company he established is already strong enough to carry on without his hands on every aspect of day-to-day management.  The iPhone and iPad are phenomenal enough that no other device from another company can stand head-to-head with it.  Apple’s top executives Tim Cook, Jonathan Ive and Phil Schiller, whose roles are COO, designer and marketer respectively, have already demonstrated their adeptness as they pulled off phenomenal successes even during Job’s medical leaves—which lasted for 13 months in total.  And as far revenue and profit are concerned, Apple has outdone Microsoft in many regards.

“While the day-to-day contributions of Mr. Jobs will be missed, we believe that the level of creativity and intelligence assembled throughout the management team and legion of Apple employees can sustain the Apple model and its industry leadership,” says J.P. Morgan Analyst Mark Moskowitz.

As far as the current financial bearing is concerned, it’s not expected to suffer after the current CEO’s departure. The iPad is seemingly invincible, and the iPhone amasses a good deal of share in smartphones. However, we can’t really tell for sure how things are going to be in a couple of years. It’s also a question if Tim Cook can actually hold the company’s senior talent together, like Jobs did, in the coming years.  He’s already sent out a letter of his own, telling Apple employees of his plans to carry on the Apple brand:

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

What about Apple competitors?

Jobs’ health and decision has already had an impact on the stock. Apple’s shares (minus the cash) have slightly tipped out by 5 percent which is, by far, nothing particularly damaging.  Meanwhile, the announcement caused Samsung to close up at 2.4 percent Thursday, even with a Dutch court preventing it from selling a number of smartphone models in Europe. LG also finished up, at an increase of 1.3 percent.

South Korea, despite being the motherland of two of Apple biggest rivals, Samsung and LG, admires Jobs as a visionary and entrepreneur.  Job’s resignations speech was immediately translated into Korean and posted to Naver, the country’s main portal site.

Here’s some of the kudos to Jobs from South Koreans:

“He was the greatest CEO, a visionary to create the dream, a strong person who practices what he pledges,” Jeong Ji-hoon, a medical doctor and prominent tech blogger in Seoul, wrote via Twitter. “We are paying our respect to the resignation of the greatest giant of our time.”

Ted Chung, chief executive officer of Hyundai Card/Hyundai Capital, one of South Korea’s largest finance companies, said, “Thanks, Steve. Great to have been your customer for three decades. I just wish this isn’t the end of great imagination and excitement.”