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In an emotional letter to Apple fans and colleagues, Steve Jobs, the leader of the world’s second biggest company by market capitalization has announced he will be stepping down from CEO of Apple. Tim Cook is to take his position as CEO, but Jobs will remain as board chairman.

Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” Art Levinson, board member said in a statement.

His reason for resigning is due to on-going health issues, since January he has been on medical leave. Since then Tim Cook has already been working in his absence.

Job published a letter recommending CEO Tim COOK as a component of Apple’s ‘succession plan’.

Here’s Steve Jobs’ resignation letter in full:

To the Apple Board of Directors and the Apple Community:

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.

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.

Steve

What do you think this means for Apple? Leave a comment below.

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