Jobs resigns as Apple CEO

Steve Jobs Apple CEO launches the iPad 2

Steve Jobs stepped down as Apple’s CEO this morning, saying he’s now unable to meet his duties and suggesting the board name COO Tim Cook as his successor.

The Wall Street Journal reports Jobs tendered his resignation to the board of directors, after which he was elected chairman of the board and Cook was named CEO.

“The Board has complete confidence that Tim is the right person to be our next CEO,” Genentech Chairman and Apple Board Member Art Levinson said, adding that Jobs will “continue to serve Apple with his unique insights, creativity and inspiration.”

Jobs, a pancreatic cancer survivor, has been on medical leave since January, and Cook has been running day-to-day operations of the business since then.

In his letter of resignation, Jobs said he’d pledged long ago to let the board know when a time came that he could no longer meet his duties, and “unfortunately, that day has come.”

“I hereby resign as CEO of Apple. 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. I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.”