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Steve Jobs resigns as Apple CEO

by Kelly MacNeil on August 25, 2011

After serving for years as the face of Apple, CEO and co-founder Steve Jobs officially resigned on Wednesday. Tim Cook has been named the company's new CEO while Jobs will serve as Charmian of the Board. The move brings to close the career of one of the most visionary entrepreneurs of the last quarter-century and raises questions about the future of the company.

In a press release, Apple praised Jobs and lauded his successor, who has been with the company for 13 years and has been running day-to-day operations while Jobs has taken medical leave.

"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." said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

Jobs' resignation may not come as much of a surprise to the business world as he has been battling pancreatic cancer since 2004 and underwent a liver transplant two years ago. Still, he has made it a point to appear at the most important product launches and other announcements.

According to The Wall Street Journal, the news had a slight negative impact on Apple's stock. In after-hours trading, it fell 5.13 percent after having closed the day up. It will also be interesting to see how the company moves forward in the coming months as Apple is expected to launch its much-anticipated iPhone 5 sometimes this fall. Still, Jobs is not worried.

"I believe Apple's brightest and most innovative days are ahead of it," he wrote in his resignation letter.

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