Steve Jobs Hangs His Boots as Apple CEO

Regarded as the heart and soul of Apple Inc., Steve Jobs has decided to step down as the CEO of the company, making way for the board-elected Tim Cook to take up the position. This marks a graceful exit of one of the major architects of the technology industry as we know it. "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," notes a company press release. Jobs will stay on as the Chairman of the company he co-founded. His replacement, Tim Cook, has previously served as the COO of the company, with 13 years of service to the company in various positions.

A letter written by the outgoing Apple CEO follows.

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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.

Steve

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Sources: Businesswire, Apple