Apple's Steve Jobs Resigns; Tim Cook New CEO

Apple CEO and founder, Steve Jobs, has resigned from his position after 13 years as company head.

Jobs wrote, “I have always said if there ever came the 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.”

According to Jobs, he would like to continue as “Chairman of the Board, director and Apple employee” if the Board saw fit.

Jobs added, “As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.”

In a separate press release, Apple named Cook the CEO effective immediately and Jobs was elected Chairman of the Board.

“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.

Levinson added, “In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

ABC News reported that Apple has declined to comment on Jobs’ current state of health, or make any comment beyond what was written in the releases.

The 55-year-old was diagnosed with pancreatic cancer in 2004 and has been on medical leave for undisclosed reasons since January. Jobs underwent a liver transplant in 2009 and made a full recovery from the surgery.

In June, Jobs made his last public appearance before stepping down. The Apple co-founder received a standing ovation at a software developers’ conference in San Francisco, where he planned to introduce an operating system called Lion and a wireless service called iCloud.

Since taking medical leave, Jobs has rarely made public appearances – his mere presence at the event overshadowed the announcement itself.

“We love you,” someone shouted from the crowd ABC News reported.

Jobs answered, “I appreciate it very much.”

Steve Jobs has been seen as inseparable from his company’s success and Apple has led the technology industry with hits such as the iPhone and the iPad.

“I have made some of the best friends of my life at Apple,” Jobs wrote in a statement “And I look forward to watching and contributing to its success in a new role.”

Jobs added, “I thank you for the many years of being able to work alongside you.”

Apple shares dropped about 7 percent in after-hours trade following Jobs’ resignation, according to Reuters.

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