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, announced his resignation 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.
Text of resignation letter from Steve Jobs
Text of Apple's press release on Jobs' resignation
Cook, who served as Apple's COO for seven years, has long been considered a front-runner to replace Jobs and 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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