Steve Jobs Resigns, Tim Cook Becomes CEO of Apple

Apple Co-Founder, Steven P. Jobs has resigned as CEO of the Cupertino, California company, leaving his seat to Chief Operating Officer, Tim Cook, who has been named CEO. Jobs has been elected Chairman of the Board.

A press release was put out by Apple saying that the company’s Board of Directors 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.”

Apple Inc. informs that the co-founder has been elected Chairman of the Board. Cook will join the Board, effective immediately, Apple said.

What Apple does not reveal is the actual reasons behind Jobs’ resignation, though it is safe to assume the man’s health problems played a key role in his decision to step down.

“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,” he said.

“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.”

After submitting his resignation to the Board, Jobs strongly recommended that Apple implement their succession plan, namely to put Tim Cook in his chair.

Apple’s report explains their decision to name Cook as CEO, noting that he was previously responsible for all of the company’s worldwide sales and operations.

These included end-to-end management of the supply chain, sales activities, and service and support worldwide.

Cook has also been the head of Apple’s Macintosh division. The COO played a key role in the continued development of strategic reseller and supplier relationships, according to Apple’s Board.

Apple Inc. feels Cook has ensured flexibility in response to an increasingly demanding marketplace, therefore had a simple decision to make when Steve Jobs was to eventually resign.