Steve Jobs hands over CEO role to longtime No 2 Tim Cook

Apple's Steve Jobs has relinquished his job as CEO of the technology gaint, handing the reins to the second-in command and chief operating officer Tim Cook, stating he could no longer fulfill his duties.

"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," Jobs, said in a letter announcing his resignation.

Jobs, 56, was named chairman of the company. Cook, 50, who has led Apple's day-to-day operations since January 2011 and during Jobs's previous leave, will join the board.

Apple's stock dropped as much as 7 per cent in after-hours trading on the news.

"While this marks the end of an era for Apple, it's important to remember the there's more to Apple than any one person, even Steve Jobs. Continuing as chairman Mr. Jobs will continue to leave his mark on both the company and products even as he transfers the reigns to Mr. Cook,'' said Michael Gartenberg, research director at Gartner Inc.

Under Jobs, Apple became the second-most valuable company in the world, after Exxon Mobil Corp., by introducing devices that revolutionized the computer, mobile phone and digital music industries.