Apple legend resigns citing failing health

Steve Jobs resigned as CEO of Apple Inc on Wednesday and passed the reins to his right-hand man Tim Cook, saying he could no longer fulfill the duties in a bombshell announcement that raised fears his health has deteriorated further.

Jobs, who fought and survived a rare form of pancreatic cancer and revolutionized the technology arena with the iPhone and the iPad in the past four years, is deemed the heart and soul of a company that this month briefly became the most valuable in America.

"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, who takes on the new position of chairman, said in a short letter announcing his resignation.

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