Thaindian News

CUPERTINO, CALIFORNIA (BNO NEWS) — Steve Jobs on Wednesday resigned as Apple’s Chief Executive Officer (CEO), saying he is no longer able to serve. It marks the end of a storied career.

“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,” Jobs said in a letter to the company’s board of directors and the Apple Community. “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,” said Jobs, who has been on medical leave since January 17 after surviving pancreatic cancer.

Jobs, 55, quickly recommended Tim Cook, Apple’s Chief Operating Officer, to become the tech company’s new CEO. The Board of Directors confirmed the new positions, as Jobs was also elected Chairman of the Board. Cook, meanwhile, will join the Board as well.

“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,” Levinson added.

“I believe Apple’s brightest and most innovative days are ahead of it,” Jobs stated. “And I look forward to watching and contributing to its success in a new role.”

Cook, 50, who has worked with Apple for 13 years, 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.

The news was announced after the U.S. markets had closed, but Apple stocks dropped 5.07 percent in after-hours trading as a result.