Steve Jobs steps down as Apple CEO

Apple co-founder Steve Jobs has stepped down as company CEO after 15 years at the helm, and has been replaced by former chief operating officer Tim Cook.

Jobs, 56, revealed his decision in a statement issued last night. "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," he said. "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."

Apple confirmed that it had appointed Cook as his replacement last night, the 50-year-old replacing the man who recruited him from Compaq in 1998. His first task will be to arrest a slide in Apple's share price, which fell 7 per cent in after-hours trading last night.

While Jobs gave no reasons for his departure, his well-documented health problems appear a safe bet. Diagnosed with pancreatic cancer in 2003, he then had a liver transplant in 2009 and took a leave of absence in January of this year. Public appearances in 2011 have been few and far between, though he did unveil iPad 2 in San Francisco in March.

After founding Apple with Steve Wozniak in 1976, he left in 1985 and turned Pixar into one of the world's best-loved movie studios. He returned to Apple in 1996, and the ensuing 15 years saw the release of the iMac, iPod, iPhone and iPad, with Apple recently the most valuable publicly traded company in the world, sitting on a bigger cash reserve than the US government.

The question now is whether Apple can maintain its dominance without its talisman at the helm, but the man himself appears confident it can. "I believe Apple's brightest and most innovative days are ahead of it," he said. "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 for all the many years of being able to work alongside you."

Image credit: Matt Yohe