Steve Jobs stunned the tech world by announcing he had stepped down from the helm of the iconic company he co-founded 35 years ago.
Jobs, who has been dogged by severe health problems that forced him to take three leaves of absence from Apple in recent years,as chief executive officer on Wednesday. His place at the top of the company will be taken by Tim Cook, previously Apple's chief operating officer.
"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," Jobs said in his resignation letter.
Cook, who served as Apple's COO for seven years, hasand has filled in for Jobs during his three medical leaves.
Cook, 50, is credited with completely restructuring Apple's manufacturing operations, insisting that Apple shut down its overseas factories and farm out the work to third-party manufacturers. As a result, the company reduced inventory and improved margins on its entire product lineup.
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