Breaking: Steve Jobs Resigns As CEO of Apple

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Reuters is reporting that Steve Jobs has resigned as CEO of Apple. Jobs will serve as chairman of the board. Tim Cook has been named as replacement.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple’s 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. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “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.”

Jobs reportedly href="http://www.everythingicafe.com/steve-jobs-resignation-letter/2011/08/24/">submitted his resignation letter today to Apple’s Board of Directors where he strongly recommended the Board implement its succession plan, which included naming Tim Cook as CEO.

Source: href="http://finance.yahoo.com/news/Steve-Jobs-Resigns-as-CEO-of-bw-19285464.html?x=0&.v=1">Business Wire