Steve Jobs tendered his resignation as Apple CEO on Wednesday, and will be replaced permanently by former COO Tim Cook.
The ailing leader said in a letter to Apple’s board, “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.”
Jobs has been on medical leave since January, with Cook running the day to day operation of the company in his absence. The executive was first diagnosed with a cancerous pancreatic tumor in 2004. During a six-month leave two years ago, the head of Apple received a liver transplant.
According to Apple board member Art Levinson, “Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”
The 56-year-old college dropout has a 2011 net worth of $8.3 billion.
Photo: WENN