Steve Jobs resigns as CEO of Apple

JobsSteve Jobs has resigned as CEO of Apple, he announced to the company's board of directors in a letter Wednesday afternoon."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. "Unfortunately, that day has come. I hereby resign as CEO of Apple."Jobs "strongly" recommended tapping Tim Cook as CEO of Apple, and asked to continue serving as chairman of the board and Apple employee, "if the board sees fit." Although Disney did not comment, Jobs will also likely remain the Walt Disney Co's largest individual shareholder, with his 7% stake, and a member of the Mouse House's board of directors, a post he assumed after Disney acquired Pixar in 2006 for $7.4 billion.Jobs' impact on Hollywood over the years has been unavoidable.Products developed by his companies, like Pixar's RenderMan, have powered the creation of groundbreaking visual effects and animated features. Apple's iTunes reinvented the way consumers first bought music and now TV shows and movies online. Hardware like the iPod, iPhone and iPad made entertainment portable. And Pixar's back-to-back string of hits essentially saved Disney's animation division when its own toons were struggling at the box office.Apple's board reacted quickly, naming Cook as Jobs' successor. He now joins Apple's board, effective immediately.Shareholders also reacted quickly, selling off shares shortly after the news was announced. After ending the day up $2.58 to close at $376.18 on Wednesday, Apple's stock plummeted $24 in after-hours trading, but started rebounding again."Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, chairman of Genentech, on behalf of Apple's board. "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."In addition to co-founding Apple in the 1970s, with Steve Wozniak, Jobs also formed Pixar Animation Studios in 1986, and served as the company's CEO when he acquired the computer graphics division of Lucasfilm.Jobs' health had been well documented for years, with his bouts with pancreatic cancer and a liver transplant clearly visible each time he took the stage to promote Apple's latest gadget, from new versions of the iPod, iPhone or launch of the iPad and its successor, the iPad 2.Cook already had been serving as CEO of Apple since January when Jobs took a third medical leave from the company, although Jobs still made most of the company's major decisions.Cook, who had joined Apple in 1998, and moved up the ranks to become the company's chief operating officer in 2007, had also served as interim CEO in 2004, when Jobs left to recover from pancreatic cancer surgery, and again in 2009 for months while Jobs dealt with a liver transplant. As chief operating officer, Cook was responsible for all of the company's worldwide sales and operations, and headed Apple's Macintosh division.Jobs ended the letter with, "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." Jobs' decision to step down comes as Simon & Schuster is prepping to publish a biography of Apple's co-founder. "Steve Jobs: A Biography," penned by Walter Isaacson, was originally scheduled for a March 2012 release, but was moved up to Nov. 21, 2011, proving a fortuitous decision by the publisher.Jobs participated with the book but didn't request to read it before it was published, relinquishing any control over its contents. Contact Marc Graser at marc.graser@variety.com