In a shocking, but really, not all that surprising move, longtime Apple CEO, Steve Jobs, has stepped down from his position, and will be the Chairman of the Board. Current COO Tim Cook has been appointed CEO in Jobs place.
In his resignation letter to the Apple Board of Directors, Jobs said that the time has come when he feels that he cannot meet his day to day duties as Apple CEO. Jobs strongly recommended Cook to take his place, which the Board readily accepted.
Jobs, one of the original founders of Apple along with Steve Wozniak, has been CEO of the computer company since 1998, and has turned it around from being on the brink of financial collapse into the most valuable computer company in the world. In recent years, Jobs health has caused a number of concerns among investors that he would not be able to fulfill his duties, but Jobs pressed on as CEO, and now Apple is more successful than it has ever been. Jobs was notorious for having his hand in every project at Apple, and nothing made it to market without his approval.
While Tim Cook is likely a suitable candidate for the CEO position, he certainly does not have the legacy that Jobs possessed. Many have speculated that Apple would not be the same once Jobs left, but only time will tell if that turns out to be the case. Either way, Cook certainly has to fill some big shoes. It should be very interesting to watch Apple's moves over the next few months.
