Apple (Nasdaq: AAPL) CEO Steve Jobs today announced he's stepping down from the helm of the computer company, handing the reins to COO Tim Cook who will become CEO and serve on the board. Jobs will remain as chairman.
Jobs, in a letter to the board, cited his health as the reason he was stepping down, saying, "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."
Jobs has been on medical leave since January, and had already handed the oversight of the company to Cook, 50.
"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 Jobs will "continue to serve Apple with his unique insights, creativity and inspiration."
The Apple co-founder survived a bout with pancreatic cancer and received a liver transplant in 2009.
Jobs health has been an ongoing concern. He took leaves in 2004 and 2009. This time, he said in January, the board had granted him a leave "so I can focus on my health."
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Where will Apple go without CEO Steve Jobs?
Apple's Jobs taking medical leave, will remain as CEO