BUSINESS -- August 24, 2011 at 6:58 PM EDT
Steve Jobs Resigns as Apple CEO
Steve Jobs is the co-founder of Apple, Inc. File photo by AFP/Getty
Apple Inc. announced Wednesday evening that CEO and co-founder Steve Jobs will resign from the helm of the technology giant, effective immediately.
Jobs, 55, has been suffering from pancreatic cancer and has been on medical leave for an undisclosed condition since Jan. 17.
The company released this letter:
PRESS RELEASE: Letter from Steve Jobs
August 24, 2011-To the Apple Board of Directors and the Apple Community:
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.
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.
I believe Apple's brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.
Cook, who has been at Apple for more than a decade and served as COO and interim CEO while Jobs was away on medical leave, has been elected CEO.
Earlier in August, Apple briefly surpassed Exxon Mobil for the coveted title of the most valuable company in the United States, based on stock value.
In January, Gwen Ifill spoke with Troy Wolverton, who covers technology for the San Jose Mercury News, about Jobs' latest medical leave and how it could impact the business world.
Earlier this year, Steve Jobs wrote the NewsHour about the responsibility of Apple's suppliers to provide safe working conditions in response to a Jeffrey Brown interview with Mike Daisey, who has performed a 90-minute monologue called "The Agony and the Ecstasy of Steve Jobs" across the country.