Steve Jobs has resigned as Apple's Chief Executive Officer. Tim Cook, previously Cupertino's Chief Operating Officer, is Apple's new CEO.
"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," Steve Jobs wrote in an open letter.
"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."
As expected, Jobs was elected Chairman of the Board immediately after tendering his resignation.
Art Levinson, who spoke on behalf of the Board, emphasized that he had "complete confidence" in Tim Cook - who was the "right person" to be Apple's next CEO.
"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," said Levinson.
As COO, Cook was previously responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries.
He also headed Apple's Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships.