Steve Jobs stands down as chief executive of Apple Inc
Steve Jobs has stood down as chief executive of Apple, with immediate effect, and is being replaced by Tim Cook – currently the company’s chief operating officer.
Cook has been standing in for Jobs during his most recent spell of absence because of health problems.
Jobs, who underwent a liver transplant for pancreatic cancer in 2004, has been elected as Apple's chairman.
The US company, which recently became the highest valued company in the world, has not yet given a specific reason for the 56-year-old's resignation, but in a letter to the Apple board of directors Jobs said: "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.
"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.”
Jobs resigns from the role of CEO after 14 years, having originally co-founded Apple in 1976.