Cook Takes Apple's Reins, Jobs Resigns

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Tim Cook has been named the chief executive officer of Apple, Inc. after company co-founder Steve Jobs stepped down as head of the tech giant. 

In a letter to Apple's board of directors, Jobs cited poor health as his reason for resigning.

According to the Wall Street Journal, he "strongly recommended" that the board name Cook as his successor. The company said that Cook will join the board effective immediately.

"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," Jobs said in his resignation letter. "Unfortunately, that day has come."

The visionary behind the iPhone has been in treatment for pancreatic cancer and also received a liver transplant in 2009. He had been on indefinite leave from the company since January with an unspecified medical condition.

Jobs restored prosperity to the company with popular products like the iPod and now the iPad.

"Everybody at Apple will tell you he's just one guy. But the truth is Jobs is … most of the reason Apple is what it is today," said Joe Brown, editor-in-chief Gizmodo.

Many say choosing Cook as Jobs' replacement was inevitable since he's been filling in for the ailing CEO Jobs during his absence.

"I think in many ways this is Apple putting down on paper what's been the reality," Macworld Editor Jason Snell said.

Art Levinson, chairman of Genentech and an Apple board member, said in a statement that the board "has complete confidence that Tim is the right person to be our next CEO."

He added that Jobs will "continue to serve Apple with his unique insights, creativity and inspiration."

For some, it goes without saying that Cook's got high standards to live up to.

"Tim Cook is definitely not the next Steve Jobs. He is if anything the guy who has Steve Jobs' playbook, and he's going to do exactly what's in that playbook for the short term," said Molly Wood, executive director of CNET.COM.
Analysts say Cook is more of a traditional business man who will appeal to Wall Street and that could be what Apple needs right now.

Many stock holders fear, however, that Wednesday's announcement by Jobs will hurt the company in the stock markets. Others say that Apple has planned ahead for Jobs' eventual resignation.

Regardless, the loss of the company's co-founder will be felt.

"He's a beloved leader," CEO Robert Hohman said. "He's iconic. He represents the heart and soul of Apple, and frankly it's going to be hard moving on."

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CBN News
Efrem Graham

Efrem Graham

News Anchor & Reporter

Efrem Graham is an award-winning journalist, who comes to CBN News from the ABC owned and operated station in Toledo, Ohio.  He received his master's degree from the Columbia University Journalism School. He also holds a bachelor's degree in English Literature from the Richard Stockton College of New Jersey.  Follow Efrem on Twitter @EfremGraham and "like" him at