Breaking News: Steve Jobs retires as Apple's CEO

The Last Keynote - Steve Jobs shares a light moment during WWDC - Photo by Gadjo C. Sevilla/Canadianreviewer.com

By Gadjo Cardenas Sevilla

Apple's CEO Steve Jobs has retired. Already on a medical leave since January, the iconic and charismatic Jobs announced his retirement from Apple Inc. earlier today with a letter. Jobs will be formally replaced by Tim Cook who has been acting as CEO in Jobs absence.  

In his letter, jobs stated, "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s C.E.O., I would be the first to let you know,” Mr. Jobs wrote. “Unfortunately, that day has come." Jobs is expected to continue on as chairman of the board, director and employee and will continue to act in an advisory capacity. Hit jump for more.

Steve Jobs introduces iCloud - Photo by Gadjo C, Sevilla/Canadianreviewer.com

Jobs founded Apple in 1976 and became the poster boy for a new generation of Silicon Valley visionaries. He was ousted out of Apple in the late 80's and formed NeXT Computers as well as acquired  Pixar. Jobs returned to Apple in 1997 and began restructuring the company's product lines and management. Under Jobs' stewardship Apple returned to profitability and relevance on the back of a series of successful and game changing product launches. Apple was deemed to be the most valuable company in the world after surpassing Exxon Mobil a few weeks ago.

The iMac, iPod, Titanium PowerBook G4, the iBook,  iPhone and the iPad were just some of the cool, minimalist yet highly compelling products that were sought after by users and emulated by the competition.

During Jobs' time as CEO, Apple evolved from a moribund and top heavy company with too many products to a profitable technology juggernaut. The Apple online and Retail Stores are the company's one-two punch and offer easy buying and support experiences that continue to capture new customers or switchers.

"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," Jobs stated in his letter which he ends with the following sentiment, "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 

Below is Steve Jobs' resignation letter

CUPERTINO, Calif.--(BUSINESS WIRE)--Aug. 24, 2011-- 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

Source: Apple Inc.