Steve Jobs resigns as CEO of Apple

Tina Nguyen Contributor
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Steve Jobs, the visionary CEO at the helm of the most valuable tech company in the world, has stepped down.

“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,” wrote Jobs, whose health issues constantly worried a public that viewed his presence as the reason for Apple’s prosperity, in a letter to the company’s board of directors.

“Unfortunately, that day has come.”

A press release from Apple Computer, Inc. announced that he would pass on his day-to-day executive duties at the Cupertino company to current Chief Operating Officer Tim Cook.

Whatever the reason for the loss of Jobs, few would question his leadership and role in transforming Apple from a potential Silicon Valley also-ran into a contender for the most valuable company in the world ten years later. Apple hopes to keep his talent at hand in his new position as chairman of the board.

“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 Apple director Art Levinson in a press release on behalf of the Board. (RELATED: Apple wins Samsung phone ban in Dutch court)

“In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”