Steve Jobs resigns from CEO of Apple

Steve Jobs, who founded Apple Inc (CEO), said he was unable to continue as chief executive of apple and handed the position to Chief Operating Officer Tim Cook.

Steve Jobs has spent his career challenging conventions about personal computing. He's transformed an industry and changed the way we think about technology.

Steve Jobs submitted his resignation to the board of directors on Wednesday and "strongly recommended" that the board name Mr. Cook as his successor. Mr. Jobs, 56 years old, has been elected chairman of the board and Mr. Cook will join the board.

The announcement focuses attention on the health of Mr. Jobs, who was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago.

Mr. Jobs hasn't commented on it since he said in a letter in January that he was taking another leave of absence to focus on his health. He appeared thin at Apple's annual developers' conference in June.

Steve Jobs Resignation letter:

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. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple's brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Steve