Apple CEO Steve Jobs resigns

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Apple chief operating officer Tim Cook to take over as CEO following resignation of Apple founder Steve Jobs

Apple CEO Steve Jobs has resigned, to be replaced by current Apple chief operating officer Tim Cook.

Jobs will remain involved at Apple as chairman of the board.

Cook, who  has been responsible for much of the day-to-day operation at Apple and has taken charge of the company during Jobs leaves of absence, has long been seen as the most appropriate successor to Jobs.

Shares in the iPhone maker fell just under 5 per cent in trading following the announcement of Jobs’ departure as markets showed concern over the future of the firm, currently the world’s most valuable technology company and second only to Exxon Mobil in value measured by total market capitalisation.

In a letter, Jobs said he could no-longer meet his duties as Apple CEO, and recommended Cook as his replacement.

He said: “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 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.”

Though he did not cite health reasons as the cause of his resignation, Jobs has previously taken time out from Apple following treatment for pancreatic cancer and a liver transplant.

Speaking on behalf of the Apple board Genentech chairman Art Levinson 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.”

“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.

“Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

 

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