Apple’s Steve Jobs resigns

Apple Inc. founder and CEO Steve Jobs has resigned due to continuing struggles with his health. Chief Operating Officer Tim Cook has taken over as CEO, and Jobs has become chairman of the technology company.

Jobs, 56, has battled a rare form of cancer since 2004, and a liver transplant worsened his health, Bloomberg Businessweek reports. He’s been on a medical leave of absence Jan. 17, though he has made public appearances to announced new Apple products.

“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 a statement released on Wednesday. “Unfortunately, that day has come.”

According to Information Week:

Jobs first resigned from Apple in 1984 following a boardroom power struggle and went on to found Next Computer. Apple acquired Next in 1996, bringing Jobs back to the company. Jobs took over as CEO the following year and began laying the groundwork for Apple's transformation into one of the most respected and successful companies in the world.

Cook, 50, has been Apple’s acting CEO while Jobs has been on medical leave. According to the New York Times, Cook has worked for Apple since 1998. Upon joining the company, he upgraded the supply chain by closing factories in California and outsourcing manufacturing to suppliers in Asia. Cook became chief operating officer in 2007.

Charles Golvin, an analyst specializing in mobile technology at Forrester Research, told the New York Times that the impact of Jobs’s departure might not be felt for 1.5 to 2 years, “given that the next wave of products is far along in development and his continued presence as chairman.”

Apple fell as much as 7 percent in extended trading after the announcement, Bloomberg Businessweek reports.