Steve Jobs resigns from Apple
Apple Inc's (NYSE: AAPL) chief executive Steve Jobs has resigned from the company, an historic shift that hands the reins to chief operating officer Tim Cook.
In a move that will dismay many followers of Apple, Jobs has developed a "cult" like following with the success of iPod, iPhone and iPad products.
The market valuation has also soared under Job's tenure to US$348.7 billion.
Jobs submitted his resignation to the board of directors on Wednesday and "strongly recommended" that the board name Cook as his successor.
Jobs has been elected chairman of the board and Cook will join the board, effective immediately, the company said.
Cook was viewed as the leading candidate to succeed Jobs, who has been on medical leave since January.
The timing of the announcement was a surprise and raised questions about the health of Jobs, who was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago.
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