LOS ANGELES, CA (Catholic Online) - In his letter, Jobs refers to being unable to,  "meet my duties and expectations as Apple's CEO." Jobs has been on a medical leave of absence since January and that leave has now turned into a resignation, but not a permanent departure.

Apple's board reacted to the resignation by praising the work Jobs has done. They were also quick to point out that Jobs would remain as chairman of the board and that his insight will remain.
Jobs co-founded the Apple brand in 1976 with Steve Wozniak while the two were working out of his family's garage. 

Jobs is widely credited with reversing Apple from its decline in the early 90's to its astounding success today, which began when he retook the post of CEO in 1996. Over the last 14 years, Jobs has directed the overhaul of Apple products making them sleek and visually appealing compared to their PC counterparts.

Apple has a strong reputation for greater reliability and is a virtual status symbol for the counter-culture and the left of the political mainstream. Jobs also oversaw development of the iPod with its accompanying iTunes application and the wildly popular iPad. 

Although Jobs is officially stepping down, his replacement, Tim Cook has been filling his position for several months. Additionally, analysts say Jobs has built up the Apple brand and development teams so well that the company should function equally well despite his change in roles.  However, the market may disagree. Apple shares have reacted to the news by dropping 5 percent.

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