Jobs steps down as Apple CEO

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Cupertino, Calif.—Steve Jobs., cofounder and longtime top executive of Apple Inc., Wednesday announced his resignation as CEO of the company. Jobs, who has been battling pancreatic cancer, will become chairman, a new position at the company. Tim Cook, Apple COO since 2007, will take over as CEO. Cook has served as temporary CEO on three occasions, most recently in January, when Jobs took medical leave because of health reasons. After being ousted from Apple in 1985, Jobs rejoined the company in 1997 and oversaw the revitalization of the company, tripling the market share of the Macintosh computer and introducing such successful products as the iPod, iPhone and iPad. He spearheaded the launch of Apple's retail store network, now with 330 locations worldwide, and transformed the music industry with the advent of the iTunes music store. In addition to his reportedly demanding and charismatic leadership, Jobs is known for dramatic unveilings of new Apple products, appearing on stage wearing his traditional black turtleneck sweater and jeans. Jobs also owned award-winning film company Pixar Animation Studios, which was acquired by Walt Disney Co., making Jobs Disney's largest shareholder.
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