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Apple says Steve Jobs resigning as chief exec

Thursday, August 25, 2011

(Photo)
FILE - In this Jan. 27, 2010 file photo, Apple CEO Steve Jobs holds the new iPad during a product announcement in San Francisco. Apple Inc. on Wednesday, Aug. 24, 2011 said Jobs is resigning as CEO, effective immediately. He will be replaced by Tim Cook, who was the company's chief operating officer. It said Jobs has been elected as Apple's chairman.
(AP Photo/Paul Sakuma, File)
SAN FRANCISCO -- Steve Jobs, the mind behind the iPhone, iPad and other devices that turned Apple Inc. into one of the world's most powerful companies, resigned as the company's CEO on Wednesday, saying he can no longer handle the job.

The move appears to be the result of an unspecified medical condition for which he took an indefinite leave from his post in January. Apple's chief operating officer, Tim Cook, has been named CEO.

In a letter addressed to Apple's board and the "Apple community," Jobs said he "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' health has long been a concern for Apple investors who see him as an industry oracle who seems to know what consumers want long before they do. After his announcement, Apple stock fell 5.4 percent in after-hours trading.

The company said Jobs gave the board his resignation Wednesday and suggested Cook be named the company's new leader.

Jobs, 56, shepherded Apple from a two-man startup to Silicon Valley darling when the Apple II, the first computer for regular people to really catch on, sent IBM Corp. and others scrambling to get their own PCs to market.

After Apple suffered slump in the mid-1980s, he was forced out of the company. He was CEO at Next, another computer company, and Pixar, the computer-animation company that produced "Toy Story" on his watch, during the 10 years before he returned.

The January leave was Jobs' third medical leave over several years. He had previously survived pancreatic cancer and received a liver transplant.


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