Steve Jobs Resigns as CEO of Apple

Tim Cook Named CEO; Jobs will continue as chairmanof the board
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Legendary tech pioneer Steve Jobs has resigned as Apple's CEO and Tim
Cook, previously Apple's COO, has been named the company's new CEO.

Apple's board has followed Job's recommendation and elected him chairman
of the Board. They have also named Cook a member of the board.

Jobs has had health problems in recent years, though in his letter
to the board he made no direct reference to the issue.

"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," Jobs wrote in a copy of the letter he sent to the board that was
posted by the Wall Street Journal. "Unfortunately, that day has come. I hereby
resign as CEO of Apple."

The letter also noted "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."

In a statement, Art Levinson, chairman of Genentech, on behalf of
Apple's Board noted that "Steve's extraordinary vision and leadership saved
Apple and guided it to its position as the world's most innovative and valuable
technology company. Steve has made countless contributions to Apple's success,
and he has attracted and inspired Apple's immensely creative employees and
world class executive team. In his new role as Chairman of the Board, Steve
will continue to serve Apple with his unique insights, creativity and
inspiration."

"The Board has complete confidence that Tim is the right person to
be our next CEO," added Levinson. "Tim's 13 years of service to Apple have been
marked by outstanding performance, and he has demonstrated remarkable talent
and sound judgment in everything he does."

A release issued by Apple notes that "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. He also headed Apple's Macintosh
division and played a key role in the continued development of strategic
reseller and supplier relationships, ensuring flexibility in response to an
increasingly demanding marketplace."

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