Business

Apple CEO Steve Jobs resigns

CUPERTINO, Calif. — Apple Inc.’s ailing chief executive Steve Jobs is officially stepping down from the helm of the company, a historic shift that hands the reins to chief operating officer Tim Cook, The Wall Street Journal reported Wednesday.

The company said Jobs submitted his resignation to the board of directors Wednesday and “strongly recommended” that the board name Cook as his successor. Jobs has been elected chairman of the board and Cook will join the board, effective immediately, the company said.

PHOTO GALLERY: STEVE JOBS

APPLE SHARES FALL ON JOBS RESIGNATION NEWS

“The board has complete confidence that Tim is the right person to be our next CEO,” said Art Levinson, chairman of Genentech and Apple board member, in a statement. He added that Jobs will “continue to serve Apple with his unique insights, creativity and inspiration.”

Cook, 50, has been widely considered as the leading candidate to succeed Jobs, who has been on medical leave since January. The 13-year Apple veteran, who joined the company shortly after Jobs took over the company for the second time in 1997, has been running the day to day operations during this period as he has done during two prior medical leaves of absence by Jobs in the last seven years.

“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,” Jobs said in his resignation letter. “Unfortunately, that day has come.”

The timing of the announcement, however, was a surprise and raised questions about the health of Jobs, who was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago. Jobs has not commented on his health since he said in a letter in January that he was taking another leave of absence to “focus on my health.” He made an appearance at the launch of the iPad 2 in March and Apple’s annual developers’ conference in June but appeared thin both times.

People familiar with the situation have said that Jobs continues to be active at Apple and is closely involved in the company’s product strategy. Apple watchers do not expect that to change even after Cook takes over.

Still, Cook faces a big challenge in stepping into Jobs’ shoes because he must prove that Apple can succeed without Jobs. Jobs not only co-founded the company, but brought Apple back from near bankruptcy when he returned to the company in 1997. He is considered the visionary behind the company and has played a key role in reviving the Macintosh computer business and developing new products like the iPod, iPhone and iPad.

Read more at The Wall Street Journal