Steve Jobs resigns as Apple CEO
Cupertino, Calif. — Apple announced late Wednesday that its CEO Steve Jobs has resigned his post, effectively immediately, to be succeeded by current COO Tim Cook.
Jobs, the visionary whose contributions created the world’s most innovative technology company, is battling pancreatic cancer and has received a liver transplant. Concerns about his health led to his decision to resign.
"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," Jobs, 56, wrote in a letter to the Apple Board of Directors and "the Apple Community."
Jobs has been elected Apple’s chairman of the board, and Cook will join the board, effectively immediately.
Jobs submitted his resignation to the board on Wednesday evening 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. He also headed Apple’s Macintosh division.
The financial impact of Jobs’ announcement was felt almost immediately as shares of Apple plummeted in the minutes following his announcement.
2011 Annual State of the Industry Report and Chain Store Age Top 100
Around the world, resurgent retail is inspiring the industry with creativity and challenging traditional ways of doing business. The store is evolving into a fluid idea that fits the mobile, global customer in search of new experiences to share.
Click here to download the report.
Big Lots raises FY guidance on 2Q performance
COLUMBUS, Ohio— Despite a comps dip during its second quarter, Big Lots performance was enough for the company to raise its fiscal 2011 guidance.
Big Lots reported net income of $35.7 million, or 50 cents per diluted share, for the second quarter of fiscal 2011 ended July 30. This compares with net income of $38.9 million, or 48 cents per diluted share, for the second quarter of fiscal 2010.
The company reported that net sales for the second quarter of fiscal 2011 increased 2.2% to $1.17 billion, compared with $1.14 billion for the same period in fiscal 2010. Comparable-store sales for U.S. stores decreased 1.5% for the quarter.
During the quarter, Big Lots opened 15 new stores.
The company said it is updating its fiscal 2011 earnings per share guidance to $2.80 to $2.90 per diluted share compared with prior guidance which called for $2.75 to $2.90 per diluted share, to reflect the Big Lots’ outperformance during the second quarter.