Steve Jobs steps down as CEO of Apple

by Steve Ragan - Aug 25 2011, 00:14

In a letter to the Apple Board of Directors and the Apple Community, Steve Jobs formally announced his resignation on Wednesday. He urged to Board to execute the company’s succession plan to name Tim Cook as his replacement.

“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 wrote in his letter delivered on Wednesday.

“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.”

In a statement, speaking on behalf of Apple’s Board, Art Levinson, Chairman of Genentech, expressed confidence that Cook was right to take the helm.

“The Board has complete confidence that Tim is the right person to be our next CEO,” he said.

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. Since taking his medical leave, Cook has been standing in for Jobs as CEO. The move was expected to happen eventually.

Apple isn’t saying much, and there is speculation that Jobs’ health may be a key factor in his announcement. Nothing official has been made public. In 2004, Jobs was diagnosed with pancreatic cancer, and received a transplant two years ago, however he rarely comments on his health in public.

“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,” Levinson added.

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