Steve Jobs steps down from helm of Apple, raising concerns over his health

Steve Jobs, the co-founder of iconic company Apple, resigned as CEO of Apple Inc on Wednesday and left the helm of the company to Tim Cook, the chief operating officer. Jobs said he could no longer fulfill the duties, raising again concerns over his deteriorating health. Jobs had fought and survived a rare form of pancreatic cancer, and has been on medical leave again since January 17 . Jobs, 56, only came out of his medical leave in March to launch the new iPad and attend a dinner with US president Barack Obama. "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," Jobs, who takes on the new position of chairman, wrote in a short letter announcing his resignation. Apple's stock, whose evolution has been very much linked to the health of the founder in the past, dropped by as much as 7 percent after Jobs' departure was announced. Apple's official statement said nothing about Jobs' health, while praising his contribution to the company. Jobs spent all Wednesday meeting with board members and top managers at Apple's headquarters at 1 Infinite Loop in Cupertino, and plans to remain active in his new role, a source close to Jobs told Reuters. A second source said Jobs will remain on the board of Walt Disney Co. The full text of Steve Jobs' letter below:

To the Apple Board of Directors and the Apple Community: 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

The official announcement from Apple here. Apple designs the Mac personal computers, along with OS X, iLife, iWork and professional software. It has also created iPod devices and the iTunes software, the iPhone and the App Store, as well as the iPad. Jobs and his partner Steve Wozniak co-founded Apple in the late 1970s. Apple posted revenues of USD 28.5 billion in the thirds quarter ending on June 25, and a quarterly profit of USD 7.3 billion. Apple sold 20.34 million iPhones in the quarter, more than double then the year-ago quarter. It also sold 9.25 million iPads during the quarter, almost three time more than the year-ago quarter. The company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter, and 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.