Wednesday, August 24, 2011

Breaking News! Steve Jobs resigns as CEO of Apple

  • Apple
  •  Inc.'s ailing chief executive Steve Jobs is officially stepping down from the helm of the company, an historic shift that hands the reins to chief operating officer Tim Cook.

  • The company said Mr. Jobs submitted his resignation to the board of directors on Wednesday and "strongly recommended" that the board name Mr. Cook as his successor. Mr. Jobs has been elected chairman of the board and Mr. Cook will join the board, effective immediately, the company said.
  • "The Board has complete confidence that Tim is the right person to be our next CEO," said Art Levinson, chairman of Genentech and Apple board member, in a statement. He added that Mr. Jobs will "continue to serve Apple with his unique insights, creativity and inspiration."

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