Steve Jobs steps down as Apple CEO

Recognizing his inability to “no longer meet my duties and expectations,” legendary executive Steve Jobs has stepped down from his position as CEO of Apple.

Due to his medical problems, Jobs’ day-to-day duties were already handed to COO and acting CEO Tim Cook. He will now officially take the role of CEO.

Jobs isn’t stepping away completely though; he remains involved in the company’s doings as chairman of the board.

“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 Genentech chairman Art Levinson in a statement on behalf of Apple’s board of directors.

“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.”

Apple is currently believed to be working on the iPhone 5 which, according to latest reports, is expected in mid-November.