Apple co-founder and chairman Steve Jobs has stepped down from his position as the company’s CEO, New York Mag is reporting. He released a press release on August 24, 2011, confirming thee news, stating “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.”
The announcement comes after Jobs kept his job during his diagnosis of pancreatic cancer and a liver transplant. The news also comes after the world’s largest computer company was briefly the most valuable company in the world during the deb-ceiling crisis.
Jobs suggested in the press release that Apple’s COO, Tim Cook, succeed him as CEO, which the board of directors accepted. He also asked to remain as the Chairman of the Board, director and an Apple employee, as he added that “I look forward to watching and contributing to its success in a new role.”
The 56-year-old, who co-founded the company with Steve Wozniak in 1976, had been on medical leave since January 2011. He left the company in 1984 after losing a power struggle with the board, but returned in 1997. He also helped with the creation of the iPod, iPhone and iPad.
Written by: Karen Benardello
