Steve Jobs Resigns as CEO; Tim Cook is New Apple CEO

Image via CrunchBase

In a stunning move no one predicted to come this year, Apple’s iconic CEO Steve Jobs resigns from his post. The board accepted his resignation and immediately placed Tim Cook, former Chief Operating Officer (COO) of Apple as the new CEO.

Steve Jobs was one of Apple’s co-founder and is responsible for leading the company from just a small garage to a multi-billion technology giant. His return to Apple in the late 90s was regarded to be the major reason behind Apple’s recovery from a decade of crisis that almost killed it.

He lead Apple to new markets, releasing the first ultra-portable MP3 player iPod in 2001. He also played a key role in the development of the phenomenal products such as the iPhone which was released in 2007 and the tablet computer iPad in 2010.

With the resignation of Steve Jobs, many a worried that company may not be able to sustain its tremendous technological innovation and growth. But the board of investors are confident that the new CEO, Tim Cook who has handled critical operational roles at Apple in the past 13 years will be able to succeed Jobs.

Overall, the fate of Apple is yet to be seen. This eventuality has been expected to come. Jobs has been taking several major medical leaves to care for his falling health. And although Jobs is not anymore the CEO, he was immediately appointed as the Chairman of the Board of Apple. So, although he will not be that directly involved to the company’s operation, he will still have a relatively important role in the gearing the company to the best direction.

Here’s a copy of Steve Jobs’ resignation letter:

Letter from Steve Jobs

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

See Apple’s Official Press Release.