Apple founder Steve Jobs has resigned as chief executive of Apple and will be replaced by the company’s chief operating officer Tim Cook.

 Mr.Jobs, who is 56, is a pancreatic cancer survivor and has been on medical leave since 17th January,  with an undisclosed condition.

 This is currently his third medical leave since his diagnosis of cancer seven years ago, in his      resignation he said he is no longer able to meet his chief executives duties and expectations.

Although many believe that the resignation won’t have a devastating impact on how the company is run day-to-day , shares have fallen by 7%. Samsung, creator of the Galaxy tablet a direct competitor of the iPad, have experienced a jump in shares, as have Smartphone developer HTC.

Steve Jobs, who was a university dropout founded the company in California in his garage 35 years ago. Now it is the silicon valley giant we know today, with Jobs being the recognisable face of the company. He announced his resignation to Apple’s board of directors saying:”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.” He went on to add: “I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.”

Steve Jobs will now take the position of Chairman within Apple. Tim Cook was quickly named the new CEO after being recommended by Mr. Jobs himself.