Steve Jobs Relinquishes CEO Role at Apple; Replacement Announces First Promotion Decision

Apple announced that Steve Jobs, 56, has resigned as CEO of the company. He will continue to serve the company in his new role as Chairman of the Board. Former Apple COO Tim Cook, 50, has assumed the role of CEO. Prior to joining Apple, Cook was the VP of Corporate Materials for Compaq. He came to Compaq from Intelligent Electronics, where he served as COO of the computer reseller division. Cook has also worked at IBM, most recently as the Director of North American Fulfilment.