Steve Jobs resigns as Apple Chief Executive

Steve Jobs, the genius behind the Apple brand, has resigned as Chief Executive due to health reasons and is set to be replaced by chief operating officer Tim Cook.

Mr Jobs, who initially started the company in the 1970’s, wrote a letter to the board of Apple, stating that, "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.”

Apple founder Steve Jobs resigns

Analysts say that neither company nor customers will see a significant difference. The products will still meet the needs of the customers and Mr Jobs is set to remain a part of the company in the role of chairman of the firm.

Apple shares, however, signify a potential doubt of the company’s prospects, sliding more than 5% in after-hours trading while shares in rival companies HTC and Samsung rose 4.1% and 3.2%.

Manoj Menon at Frost and Sullivan is confident that despite any uncertainty in the future, "Apple will continue to have a fantastic run because it's got its entire roadmap in place which will continue to work seamlessly".

For more information, see the BBC News website.

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