Steve Jobs Resigns As CEO Of Apple

Steve Jobs, the founder and CEO of Apple, has resigned as CEO of Apple.

Reuters) - Silicon Valley legend Steve Jobs on Wednesday resigned as chief executive of Apple Inc in a stunning move that ended his 14-year reign at the technology giant he co-founded in a garage.

Apple shares dived as much as 7 percent in after-hours trade after the pancreatic cancer survivor and industry icon, who has been on medical leave for an undisclosed condition since January 17, announced he will be replaced by COO and longtime heir apparent Tim Cook.

Analysts do not expect Jobs' resignation -- which had long been foreseen -- to derail the company's fabled product-launch roadmap, including possibly a new iPhone in September and a third iteration of the iPad tablet in 2012.

"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," he said in a brief letter announcing his resignation.

(I'm hoping a bit of levity is not out of order here...)

We, as well as Steve Jobs, knew this was coming and they certainly worked for a long time on the transition plan. Despite that, their stock fell 5 points yesterday. I wouldn't worry as they probably have many things just ready to be released. Hope an improvement for FCX is one of them.

steve