The day that Apple shareholders had hoped would never come has come: the company’s CEO Steve Jobs is resigning.
Apple issued the announcement at the close of business Wednesday and named Tim Cook, previously Apple’s chief operating officer, as the company’s new chief.
“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 in a statement.
“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 issued a statement as well on Wednesday, which is the day he formally submitted his resignation.
“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,” he said in an open letter to the public.
“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.