Apple's CEO Steve Jobs Resigns

By Scott Sarvay

August 24, 2011 Updated Aug 25, 2011 at 12:24 PM EDT

CUPERTINO, Calif. (Indiana's NewsCenter) - Steve Jobs has resigned as Apple's Chief Executive Officer.

Jobs sent a letter to the company's Board of Directors and the Apple community announcing his resignation Wednesday. Jobs took a leave of absence in January to deal with a medical condition. He was diagnosed with pancreatic cancer in 2003.

In the letter, Jobs said that the "day has come" that he can no longer meet the duties of the position.

He offered to remain with the company as Chairman of the Board, and the Board later agreed to elect him.

The Board has named Tim Cook, previously Apple's Chief Operating Officer, as the company's new CEO, effective immediately. As COO, Cook was previously responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries.

"The Board has complete confidence that Tim is the right person to be our next CEO," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board.

Apple designs Macs, along with iPhones, iPods, iPads, OS X, iLife, iWork and professional software.

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