Apple CEO Steve Jobs Resign

August 26, 2011

Apple Inc. (AAPL) Chief Executive Officer Steve Jobs, who transformed the company he started at age 21 from a personal-computer also-ran into the world’s largest technology company, resigned.

Jobs, who will become chairman, was on medical leave since Jan. 17 after combating a rare form of cancer since 2003 and surviving a liver transplant in 2009. He is succeeded by Chief Operating Officer Tim Cook, 50, who has been running day-to-day operations.

Under Jobs, Apple became the second-most valuable company in the world, after Exxon Mobil Corp. (XOM), by introducing devices that revolutionized the computer, music and mobile phone industries. His attention to detail and emphasis on sleek, easy- to-use products helped Apple repel competition from rivals as varied as Google Inc. and International Business Machines Corp. (IBM)

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