Steve Jobs has resigned as CEO of Apple. The position will be assumed by the company’s chief operating officer Tim Cook. Jobs has been elected as chairman of the board and Cook will join the board, effective immediately.
“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,” wrote Jobs, in a letter to the Board. “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.”
“As far as my successor goes, I strongly recommend that we execute our succession plan and name Cook as CEO of Apple,” the letter continued.
As a result of Jobs’ departure, Apple share prices dropped around 5%.