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Steve Jobs Steps Down as Apple CEO
 
  by: iradioal - Philadelphia, PA
started: 08/24/11 7:38 pm | updated: 08/24/11 7:38 pm
 
The surprise news of Steve Jobs' resignation as Apple's CEO comes just weeks after the company passed Exxon Mobil as having the largest market capitalization in the world. Steve Jobs has been on medical leave since January. He issued this statement:

"August 24, 2011-To the Apple Board of Directors and the Apple Community:

"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.

"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.

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

"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.

"I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you."

In 1997, Jobs took back leadership of the computer company he founded in the 1970's. Since then it has been nothing but overwhelming success and innovation under his control.

He was diagnosed with pancreatic cancer in 2004 and underwent a liver transplant in 2009. His health is most probably a factor in this decision but very little is known.

Tim Cook is COO of Apple and joined shortly after Jobs returned in 1997. He has been taking care of day-to-day operations since Jobs has been on medical leave.
 
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