The man who rebuilt Apple and put the company on top of the tech world is no longer the CEO. Steve Jobs has resigned and former COO Tim Cook will take over as chief executive officer. According to a letter sent to the board, it seems Jobs' deteriorating health prevented the visionary from leading the company on a day-to-day basis:
This is indeed sad news, but Jobs will continue to play a significant role at Apple as chairman of the board. Jobs is credited with transforming the technology landscape with three game-changing products during his tenure: the iPod, iPhone, and most recently the iPad. In addition, Jobs helped propel Macs to the No. 3 position in the U.S. The company's momentum has been so strong that HP discontinued its TouchPad tablet and is looking to potentially spin off its PC business.
Now its up to Tim Cook to continue that momentum.
“The Board has complete confidence that Tim is the right person to be our next CEO,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board in a prepared statement. “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.”
Levinson went on to say that Jobs "will continue to serve Apple with his unique insights, creativity and inspiration” but Cook will be the one charged with making sure the iPhone 5, iPad 3, iCloud and other future products are hits with consumers.
Cook certainly has the right pedigree and experience to keep Apple on a roll. As COO, he was responsible for all of the company’s worldwide sales and operations. He also headed Apple’s Macintosh division. Nevertheless, Cook has huge shoes to fill.
Here's Steve Jobs letter in full: