BREAKING NEWS: Apple CEO Steve Jobs Resigns, Effective Immediately!

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The writing was on the wall: CEO Steve Jobs has taken many medical leaves, leaving Tim Cook to fill-in. We all knew that this day would come, and that Apple CEO Steve Jobs has resigned.

The Apple board announced that Apple’s co-founder Steve Jobs has resigned from the CEO position. Apple’s Chief Operation Officer Tim Cook will replace him as the board has elected Mr. Cook to the top job. Steve has been bothered by health problems which has required him to take medical leaves. In January 2011, Steve Jobs had announced he was taking an indefinite medical leave. He also had took a medical leave in 2009, with medical leaves leaving Tim Cook to run day-to-day operations. In August 2004, Steve also had to leave to undergo surgery to treat a rare form of pancreatic cancer. In 2009, he had to undergo a liver transplant.

Steve Jobs has been the visionary for Apple, transitioning Apple from being just a computer company to becoming a media company with iTunes and iPod. He was also the one behind the revolutionary iPhone, as well as the magical iPad.

Steve Jobs will become the Chairman of Apple’s Board, with Tim Cook also joining the board.

Tim Cook joined Apple in 1998, and he was promoted to COO in 2004. He was the one talking to Wall Street, such as leading the investor day and earnings conference calls.

Steve Jobs’ official resignation 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

Here is the official press release:

Tim Cook Named CEO and Jobs Elected Chairman of the Board

CUPERTINO, Calif.–(BUSINESS WIRE)–Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“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.”

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple’s Board. “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,” added Levinson. “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.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

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 and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

I sincerely hope that this isn’t related to his health.

UPDATE: Steve Jobs will remain on the board of Disney. He has been the only director to fail to attend 75% of Disney board meetings in the 2010 fiscal year, which ended in October 2010.

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