Steve Jobs has reportedly stepped down as CEO of Apple today, after feeling that he could no longer fulfil his duties, or meet expectations as the head of Apple.
Co-Founding the company with his friend Steve Wozniak in 1976, the two of them practically invented personal computing. Jobs was ousted from the company in the late 80s only to be brought back in 1997 at the brink of the company’s death. Since then, he’s built Apple back up, not only as a leading company in computer innovation, but as a leader in music technologies such as the iPod and iTunes store.
Apple press release is as follows:
Apple’s Board of Directors today 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. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.
“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.”
“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.”
Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.