Steve Jobs resigns, is made chairman. Tim Cook becomes CEO

Apple CEO and co-founder Steve Jobs has resigned, most likely because of worsening health and has been replaced by COO Tim Cook.

The board if he could remain as chairman

However he has asked the board if he could remain as chairman and director, and, curiously, an Apple employee, even though the note gave no indication as to what role he envisaged fulfilling.

Jobs said "I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple," adding "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."

Apple subsequently confirmed Jobs' appointment as chairman and Cook's appointment to the CEO role and appointed Coook to the board. But it gave no indication of a future executive role for Jobs.

In a statement, board member Art Levinson said that Jobs would "continue to serve Apple with his unparalleled insights, creativity and inspiration."

According to Cook's entry on Wikipedia Cook was hired by Jobs and joined Apple in 1998 and became COO in 2007. He stepped into the CEO role in 2004 when Jobs took leave for treatment for pancreatic cancer and again in 2009 when Jobs had a liver transplant.

Wikipedia said: "Cook is credited with pulling Apple out of manufacturing [hole] by closing factories and warehouses around the world. This helped the company reduce inventory levels and streamline its supply chain, dramatically increasing margins."

It added: "Cook is a fitness enthusiast and enjoys hiking, cycling, and going to the gym. He regularly begins sending emails at 4:30 am and used to hold Sunday night staff meetings by telephone to prepare for the then week."

Jobs was ejected from Apple in 1985 and brought back in 1997 when the company was on the verge of bankruptcy. He has been credited with being the creative force behind a host of its subsequent highly successful innovations, starting with the 1998 iMac - the first personal computer that was not a boring beige box. This was followed by the iPod, the iTunes music store and the iPhone, the device that shook up not only the personal computer industry nevertheless also the global mobile phone industry dominated at that time by Nokia.

Every since Apple revealed that Jobs was suffering from pancreatic cancer there has been much speculation on how Apple would fare without him. Nevertheless at present though Jobs is obviously stepping back, there is no suggestion he is walking out. Much will likely depend on the state of his health, about which nothing new has been said.