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Shares fall as Apple guru Jobs says: I quit

IPHONE and iPad creator Steve Jobs has resigned as chief executive of Apple.

Mr Jobs (56) said he could no longer handle the job but would continue to play a leadership role.

The move appears to be the result of the medical condition that forced him to take a leave from his post in January.

He has had a long fight with cancer and had a liver transplant in 2009.

Mr Jobs' health has long been a concern for Apple investors who see him as an industry oracle who seems to know what consumers want long before they do.

After his announcement, Apple stock quickly fell 5.4pc in after-hours trading.

In his resignation letter, Mr Jobs said he "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".

Apple's chief operating officer, Tim Cook, was quickly named chief executive of the company Mr Jobs co-founded 35 years ago in his garage.

The company said Mr Jobs gave the board his resignation and suggested Mr Cook be named the company's new leader. Apple said Mr Jobs was elected board chairman and Mr Cook was becoming a member of its board.

Genentech chairman Art Levinson, in a statement issued on behalf of Apple's board, said Mr Jobs' "extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company".