Jobs a good'un: Steve Jobs resigns as Apple CEO to chair the board

It was announced today that Steve Jobs, co-founder and long time CEO of Apple, has resigned his position as chief executive of the company. He will instead chair the board of directors in a less hands-on roll.

Of the surprise move, 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 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."

Jobs will be replaced by current Apple chief operating officer Tim Cook, who came on board with the company in 1997.

Jobs has been battling cancer since 2003, receiving a liver transplant in 2009. However, his public appearances have become fewer and fewer, amid speculation that his health has been deteriorating once more.

A charismatic leader and entrepreneurial visionary, Jobs led Apple from close to bankruptcy to being one of the world's leading technology companies over the past 15 years. As a mark of how his leadership is revered, Apple shares fell seven per cent after the announcement of his resignation.