Steven Paul Jobs 1955-2011

"Remember that you are going to die is the best way I know to avoid the trap of thinking you have something to lose."

Steve Jobs resigns as Apple's CEO

Steve Jobs © Lisa O'Connor/Zuma

Steve Jobs has resigned his duties as Apple's CEO, the company announced on Wednesday. The Apple co-founder wrote a letter to the board and employees, it didn't directly mention his health problems, but it was alluded to. He wrote, "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."

Steve Jobs will stay on as chairman of Apple. Former Chief Operating Officer Tim Cook will take over the CEO position. In 2004 Steve Jobs announced that he was battling pancreatic cancer and he was on a six month medical leave in 2009, when he received a liver transplant. At the start of this year he took another medical leave, his health apparently is in such a condition that it requires more time and attention.

The American stock exchange hasn't responded well to his leave, Apple shares have dropped as much as 7 percent.