Steve Jobs resigns as Apple boss

Steve Jobs Resigns

Steve Jobs, the iconic founder and chief executive officer of Apple, stepped down from his post on Wednesday saying he can no longer meet his duties and expectations to the company. The 56-year-old business magnate is succeeded by Tim Cook, who had been serving as chief operating officer. Jobs assumed the role of chairman of the board.

Jobs has had a history of dealing with pancreatic cancer, but the Cupertino-based company declined to comment on the current state of his health. Immediately after he broke the news, Apple stock fell over 6.6 percent to $351 in after hours trading.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” Art Levinson, Chairman of Genentech, said in a statement on behalf of Apple’s Board. “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.”

Jobs founded Apple with Steve Wozniak in April 1, 1976 and eight years later, the Macintosh computer was born. In 1985, Jobs left the firm after falling out with colleagues, only to return in 1996 and begin Apple’s transformation by launching the iMac. The rest is history.