Apple loses core as boss Steve Jobs retires

Apple co-founder and mastermind behind IPhone, IPad and IPod Steve Jobs steps down

Steve Jobs, co-founder of Apple, has resigned as chief executive, saying he can no longer handle the job, but will continue to play a leadership role.

The 55-year-old, who founded the company 35 years ago in his garage, has been on medical leave from the company since January with an unspecified condition.

In a letter to the Apple board, Jobs said: 'I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's chief executive, I would be the first to let you know.

'Unfortunately, that day has come. I hereby resign as chief executive 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.'

Jobs, who underwent a liver transplant in 2009 following a battle with pancreatic cancer in 2004, was the mastermind behind the IMac, IPod, IPhone and IPad, turning Apple into one of the most powerful companies in the world.

Many have claimed it is Steve's attention to detail that set Apple apart from its fierce competitors and fear the company may struggle to come-up with market changing ideas without its charismatic leader.

At the start of August, Apple became the most valuable company in America although stock value quickly fell by 5.4% after Steve's announcement.

Tim Cook, Apple's chief operating officer, will take over from Jobs as CEO of Apple.