Steve Jobs quits top post at Apple

Apple co-founder and chief executive Steve Jobs has announced his resignation as chief executive from the company.

The company's previously stratospheric share price fell five per cent on the news. Apple said in a release that the visionary chief executive will remain with the company as chairman of the board of directors. Chief operating officer Tim Cook will step into the chief executive role.

Jobs has battled with lingering health issues in the aftermath of a 2003 battle with pancreatic cancer. Jobs took leave from the company in 2009 and again in 2011. He underwent a liver transplant during his first leave of absence.

"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."

Cook had previously served as interim chief executive following Jobs first two absences, handling day-to-day operations at the company. The chief operating officer was considered to be among the top candidates to take over for Jobs in Apple's long-term succession plan.

"The Board has complete confidence that Tim is the right person to be our next CEO," said Apple board member Art 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."

While Cook may have the backing of Apple's board, industry pundits are more skeptical of the company's long-term outlook. Enderle Group principal analyst Rob Enderle told Computing's sister title V3 that the resignation of Jobs from Apple should be likened to the departure of Bill Gates from Microsoft or IBM post Tom Watson Jr.

"When you have an iconic leader that designs the company around them it is virtually impossible to replace them seamlessly," Enderle explained. "Tim Cook is no Jobs and he really was never truly groomed to be number one, Jobs didn't want the competition.

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