Steve Jobs resigns as Apple CEO


Steve Jobs, who has been on his third medical leave, has now resigned as CEO of Apple Inc. At his recommendation, Tim Cook has been named 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,” Jobs said in a letter released by the company.

Jobs, 56, continues as Chairman of the Apple board of directors. He is also a director of The Walt Disney Company.

Along with Steve Wozniak and Ronald Wayne, Jobs founde4d Apple Computer in 1976. Jobs left the company in a 1985 power struggle with then-CEO John Sculley, but returned in 1996 and soon became CEO. In the interim he had acquired Pixar, which he sold to Disney.

Jobs is known as a showman – personally pitching new products such as the iPhone and iPad on stage at major conferences. Cook, on the other hand, is a behind-the-scenes executive.