Steve Jobs has stepped down as the CEO of Apple. Tim Cook, who had served as Apple's COO, will now assume the role of the CEO. Jobs will immediately join the Board of Directors as the new chairman of the board.
Jobs, 56, stunned the tech world this afternoon, submitting his resignation via a letter today to the Apple board of directors. Apple's stock began to fall in after-market trading, as investors processed the news.
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.
In a press release put out Wednesday afternoon, Art Levinson, speaking on behalf of Apple's Board of Directors, said: "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. 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."
Jobs is a survivor of pancreatic cancer, and had been on medical leave for an undisclosed condition since January 17.