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Steve Jobs resigns as Apple CEO

Steve Jobs resigns as Apple CEO
55-year-old Apple co-founder, who has been on medical leave since January, becomes chairman as Tim Cook takes helm

20110825-122937.jpgSteve Jobs, the chief executive officer of Apple, has resigned from his position at the technology giant he co-founded in a garage.
The 55-year-old Apple co-founder and pancreatic cancer survivor has been on medical leave for an undisclosed condition since 17 January.
In a statement, Apple said that Jobs had been elected chairman and that Tim Cook had been elected CEO.
In his resignation letter, Jobs said: “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 – Steve.”
Jeffrey Fidacaro of the Susquehanna financial group said: “It’s a prudent move to name a successor that is Tim Cook.
“I don’t think Wall Street will find that unexpected. It’s nice to get a succession plan in place with Steve Jobs still at the helm of the board and guiding Tim Cook.”
Trading of Apple shares on Wall Street was halted after hours following the announcement. In regular trading, Apple had gained 0.7% to close at $376.18.

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