Steve Jobs resigns as head of Apple

Apples ailing chief executive Steve Jobs is officially stepping down from the helm of the company, an historic shift that hands the reins to chief operating officer Tim Cook.The company said Mr 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 has been elected chairman of the board and Mr Cook will join the board, effective immediately, the company said. Apples shares fell 5.6 per cent in after-hours trading on the news.The Board has complete confidence that Tim is the right person to be our next CEO, said Art Levinson, chairman of Genentech and Apple board member, in a statement. He added that Mr Jobs will continue to serve Apple with his unique insights, creativity and inspiration.Mr Cook, 50, has been widely considered as the leading candidate to succeed Mr Jobs, who has been on medical leave since January. The 13-year Apple veteran, who joined the company shortly after Mr Jobs took over the company for the second time in 1997, has been running the day to day operations during this period as he has done during two prior medical leaves of absence by Mr Jobs in the last seven years.I have always said if there ever came a day when I could no longer meet my duties and expectations as Apples CEO, I would be the first to let you know, Mr Jobs said in his resignation letter. Unfortunately, that day has come.The timing of the announcement, however, was a surprise and raised questions about 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 has not commented on his health since he said in a letter in January that he was taking another leave of absence to focus on my health. He made an appearance at the launch of the iPad 2 in March and Apples annual developers conference in June but appeared thin both times.People familiar with the situation have said that Mr Jobs continues to be active at Apple and is closely involved in the companys product strategy. Apple watchers dont expect that to change even after Mr Cook takes over.