Steve Jobs Resigns as CEO of Apple

Tech major Apple’s Board of Directors has 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 (pictured above) has been elected chairman of the Board and Cook will join the Board, effective immediately. The announcement was made Wednesday, August 24.

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

“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,” said Jobs in a letter to the Board.

Although Jobs has not stated the reason for his resignation, his continuously bad health could be the main reason for stepping down from the top Apple position. He has been suffering from a life-threatening disease for the past couple of years.

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, said Apple in a statement.

“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 said.

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Rakesh Raman