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Steve Jobs Steps Down as Apple CEO
Vittorio Hernandez
San Francisco, CA
Apple Chief Executive Officer Steve Jobs announced his resignation from his post as CEO of the world's biggest technology firm.
Jobs recommended Tim Cook, the company's chief operating officer, to replace him.
Although the Apple founder did not explicitly indicate in his letter to the firm's board the reason behind his resignation, Jobs has been battling pancreatic cancer since 2004 and even underwent a liver transplant in 2009.
Jobs had actually been on a health leave of absence since January. He wrote that because of his personal circumstances, he could no longer perform his duties and the company's expectation as Apple CEO.
The 50-year-old Cook had actually been running the company's day-to-day operations since Jobs took a leave of absence because of his health. Jobs, however, will stay in Apple's board as chairman.
The 56-year-old Jobs started Apple when he was 21 from a personal computer.
Over the years he built a technology empire that covered music, the Internet, TV, mobile phones and computers.
The electronic products that Apple introduced are usually the first in the technology world, which are eventually copied by competitors. Because of these gadgets, Apple is the second most valuable company in the world, although the firm briefly became number one a few weeks ago, surpassing topnotcher Exxon Mobil Corporation.
News of Jobs' resignation caused Apple's shares to go down 5 percent to $358.50 in after-hours trading.
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