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Steve Jobs resigns as Apple boss

Tim Cook named new CEO.

Steve Jobs has resigned as Apple boss.

Chief Operating Officer Tim Cook has replaced him as CEO.

In a letter sent to the Board of the Apple Community, Jobs said he would like to serve as Chairman of the Board, director and Apple employee.

"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," he said. "Unfortunately, that day has come.

"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 suffered a number of health problems in recent years.

In 2004 he underwent successful surgery to remove a tumor in his pancreas. In 2009, Jobs went on a six-month medical leave, and it was later revealed that he had received a liver transplant. In January 2011 he announced he was going on medical leave again.

Jobs leaves Apple in rude health. The company sold 20.34 million iPhones and 9.25 million iPads between April and June this year. The company's net income rose to $7.31bn (£4.6bn) for the quarter, up 125 per cent year-on-year - its best ever performance.

In April it announced it had sold an incredible 189 million iOS devices. Apple made an eye-watering $5.99 billion profit in the three-month period ending 26th March, with a whopping $24.67 billion in revenue. The company is sitting on a $65.8 billion cash and cash equivalents pile.