Apple’s Board of Directors has announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

Bindi Bhullar, director at HCL Technologies commented: "Steve Jobs has had a profound impact on the global technology industry and innovation within the sector. His strong leadership is testament to the fact that technology companies require visionary leaders that empower employees to work together and maintain innovation momentum."

A leader's energy is what drives employees to voice their ideas and, crucially, put them into practice. When Jobs rejoined Apple, the clear communication of his creative ideas turned the company's business around and in doing so, established a strong base of loyal and creative employees that will be pivotal in taking the company to the next level of innovation now that he is stepping down."