Steve Jobs resigns as Apple CEO

Tim Cook named as new CEO; Jobs elected chairman of the board

Steve Jobs has resigned as Apple CEO and the company has named former Apple Chief Operating Officer Tim Cook to replace him.

"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 said in a letter addressed "to the Apple board of directors and the Apple community."

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Jobs's letter recommends Tim Cook as his successor as CEO. "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," Jobs wrote. "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, Apple confirmed that Jobs was elected as chairman of the board and Cook was elected CEO and appointed to the company's board of directors. "In his new role as chairman of the board, Steve will continue to serve Apple with his unique insights, creativity, and inspiration," board member and Genentech chairman Art Levinson said in the press release. "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."

Jobs had been on a medical leave of absence since January 2011. He continued to hold the CEO title while Cook oversaw the day-to-day operations of the company.

At the time, Jobs told Apple employees he was taking a leave from his day-to-day duties to "focus on my health." Jobs had previously taken a six-month leave of absence from Apple in 2009, ultimately undergoing a liver transplant. He had also battled pancreatic cancer in 2004.

Here's the full text of Jobs's letter:

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

This story, "Steve Jobs resigns as Apple CEO" was originally published by Macworld.

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