Jobs resigns as Apple CEO, Cook takes over

Apple chief executive Steve Jobs has resigned - effective immediately - citing an inability to meet his duties and expectations as Apple’s head.

The company's official media releases make no mention of a successor, but The Wall Street Journal and other news outlets are reporting that chief operating officer Tim Cook has been given the nod as the new CEO.

The New York Times described the two men as complementary:

On many levels, Mr Jobs and Mr Cook are opposites, the paper said. While Mr Jobs has been known as mercurial and prone to outbursts, Mr Cook, who was raised in a small town in Alabama, is polite and soft-spoken. He is often described as a “Southern gentleman.” While Mr. Jobs has obsessed over every last detail of Apple’s products, Mr Cook obsesses over the less glamorous minutiae of Apple’s operations.

Mr Jobs co-founded Apple with Steve Wozniak in 1976. He was forced out during power struggle in the mid-80s and the company hit the doldrums, but came roaring back with a series of hit products, including the iPod, iPhone and iPad after his return in 1998.

Mr Jobs’ resignation letter to the board of directors and the Apple community was published on Apple’s website today.  In it, Mr Jobs said he would resign as chief executive, but serve as chairman of the board, if the Board saw fit, director and Apple employee.

“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,” Mr Jobs wrote in his resignation letter.

The Apple co-founder also wrote that he he strongly recommended Apple execute its succession plan and name Tim Cook as new chief executive.

Mr Jobs said he believed Apple’s most innovative days were ahead of it and he looked forward to watching and contributing to its success.

“I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.”

The Wall Street Journal reported the news of Mr Cook's suggested succession with the headline "Meet Tim Cook: Apple's New CEO."

Three auditions for Cook
Mr Jobs brought Mr Cook (right) on board in 1998 to oversee manufacture of Apple computers, and Mr Cook filled in for Mr Jobs while the now former chief executive recuperated from surgery to remove a pancreatic tumour. Mr Cook has filled in for Mr Jobs for months-long stints in 2004, 2009 and since early this year.

At the end of his six-month 2009 term as interim CEO, the board awarded Mr Cook a bonus consisting of $US5 million cash and $US17 million in shares. He was seen as a capable operator, if not inspiring the near-religous awe that Mr Jobs' drew from Apple followers.

RAW DATA: Steve Jobs' resignation letter

August 24, 2011–To the Apple Board of Directors and the Apple Community:

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.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.