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Thursday, 25 August 2011 12:41

Tim Cook Apple's new CEO following Steve Jobs resignation

Apple's former CEO Steve Jobs (Credit: Apple Inc.)Apple has this morning made a shock announcement that CEO Steve Jobs will be stepping down from his role as Chief Executive Officer immediately, with Tim Cook set to replace him in his former position.

According to a shock statement released by the company just now, Jobs '” largely credited for Apple's amazing success '” submitted his resignation to the company's board earlier today, in which he recommends the company put in place its infamous 'succession plan.'

'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,' Jobs wrote in a letter published by the Wall Street Journal this morning.

'I hereby resign as CEO of Apple.'

'Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company,' Art Levinson, Chairman of Genentech, on behalf of Apple's Board said in a statement this morning.

'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.'

Until today, it wasn't clear who Apple planned to make CEO in the event of the resignation of Jobs, who has been on medical leave from the company since January this year.

'At my request, the board of directors has granted me a medical leave of absence so I can focus on my health,' Jobs said at the time, with COO Tim Cook having since been responsible for the company's 'day-to-day' responsibilities.

It's unclear if this medical issue played a role in Jobs' resignation, but he will now become the chairman of Apple's board, with former COO Tim Cook set to be Jobs' successor at the company.

'The Board has complete confidence that Tim is the right person to be our next CEO,' 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.'

Cook will also join Apple's board as a result of today's changes.

Jobs has been widely credited as being responsible for the success Apple's seen in recent times, after being re-appointed CEO in 1997 when the company was looking at a very dim future, following his shock 1985 exit from the company.

However in mid-2004 it was revealed he had a cancerous tumor in his pancreas, and ever since he's been receiving medical treatment for a number of issues.

Many now question what'll happen to the company, that some say may suffer as a result of the loss of such a visionary CEO. However in the short term at least, the impacts are likely to be negligible, with Jobs reportedly having 'groomed' the company to live without him.

'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,' Jobs said today.

'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,' he concluded.

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