Steve Jobs resigns as Apple CEO

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SAN FRANCISCO: Apple's legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday in a move long expected after he began a dramatic fight with cancer.

In a written statement, Apple, the world's second most valuable company by market capitalization, announced that chief operating officer Tim Cook would replace Jobs as CEO, and said Jobs would become chairman of the board. Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company will fare without the figure seen as its driving force.

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," board member Art Levinson said in a statement.

Apple stock price slid more than five percent to $356.32 in trading that followed news of Jobs's resignation and it remained to be seen what the market has in store for the company with the opening bell on Thursday.

Jobs will still be around as chairman of the Apple board and the company has product plans mapped, according to the analyst. Apple is expected to launch a fifth-generation iPhone in September or October.

No reason was given for Job's resignation, but his health problems, including a lengthy medical leave for a liver transplant in 2009 and his gaunt appearances at public events, fueled speculation he would have to give up the everyday running of the company he co-founded in 1976.