Jobs Steps Down at Apple

Apple Inc.’s visionary Steven Jobs says he cannot continue as ceo of the Cupertino, Calif.-based technology giant, handing the reins to chief operating officer Tim Cook.

Jobs submitted his resignation to the board of directors yesterday and “strongly recommended” that the board name Cook as his successor, reports The Wall Street Journal. Jobs, who has been battling cancer, has been elected chairman of the board and Cook will join the board, effective immediately, the company announced.

“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.”

After a brief halt, Apple's shares dropped 5.13 percent to $355.70 in after-hours trading on the Nasdaq Stock Market.

Cook, a 13-year Apple veteran, has been running the day-to-day operations of the company for most of the year, as Jobs went on medical leave. Jobs has continued to be active at Apple during that time and many expect his involvement to continue to the extent his health permits.