Tim Cook replaces Steve Jobs as CEO

Apple CEO Steve Jobs has resigned and will be replaced by former Chief Operating Officer Tim Cook, the company said late Wednesday. Jobs will stay on as Apple's chairman. Tim Cook has already stepped up to reassure Apple employees that the company isn't going to change, according to an internal e-mail. Those who follow Apple know that Cook has been an active contributor to Apple's success in his role as Chief Operating Officer. He has been credited with aggressively working to lower Apple's hardware and gadget prices, and making deals with component suppliers in order to give Apple an upper hand in the market. Cook has nearly 30 years of experience in the computer industry, serving in leadership roles at IBM (IBM, Fortune 500), Intelligent Electronics and Compaq before joining Apple in 1998.