Steve Jobs steps down as Apple chief

The founder of Apple has stepped down from his role as CEO of the world's biggest company by market value.

Steve Jobs has resigned as Apple CEO, casting the spotlight on his successor Tim Cook, who takes over the reins today.

Jobs founded the personal computer company at the age of 21 in a garage in northern California. Apple today is the second most valuable company in the world with a larger cash reserve than the US Treasury. Its iPod, iPhone and iPad have all led the way in stylish tech innovation.

Jobs, who suffers from pancreatic cancer and survived a liver transplant, will stay on as chairman of the tech giant.

Prior to being responsible for Apple's worldwide sales and operations as chief operating officer, Mr Cook was previously vice president of Corporate Materials for Compaq and spent 12 years working for IBM.

He has not been in the public eye as much as the charismatic Mr Jobs, but Mr Cook is said to understand the style of business his predecessor introduced.

Magnus Nystedt, editor of PCFormat Middle East and Macworld Middle East magazines, said: "He has a long pedigree in the industry. He has really streamlined Apple's production."

Investors reacted negatively to the resignation, with the company's stock value falling by seven per cent.

Meanwhile, Apple's biggest rival in the smartphone and tablet market, Samsung saw a jump in its shares this morning of 3 per cent in early trade in Asia.

Published: August 25, 2011 04:00 AM