Jobs resigns from Apple

Apple's Steve Jobs has resigned as chief executive of the technology giant, announcing he could no longer continue in the position following his battle with cancer.

The founder, who will be replaced by chief operating officer Tim Cook, has been on a period of extended sick leave since January for treatment for pancreatic cancer.

His loss is a huge blow for Apple, depriving it of one of the most charismatic and recognisable figures in the industry.

In a letter to the Apple board, Jobs said: "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's chief executive, I would be the first to let you know.

"Unfortunately, that day has come. I hereby resign as chief executive of Apple."

However, he will remain as chairman, and said he looked forward to watching and contributing to the group's success in his new role.

Shares in the technology giant are expected to tumble in early trading, with the FT reporting stocks fell more than 5% in after-hours trading following the news.