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Wednesday, August 24, 2011

Stunning: Apple (AAPL) CEO Steve Jobs Resigns

In a stunning announcement that will surely impact the company and its share price in the short term, Apple (NASDAQ:AAPL) CEO Steve Jobs announced he is stepping down as CEO of the tech giant, after 14 years at the helm of the company.

Jobs said in a letter, "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."

The news had been communicated before Jobs' announcement, as trading on the company was suspended prior to the public announcement. Shares were trading down after hours.

A expected, current COO Tim Cook will replace Jobs as CEO. The change is effective immediately, generating questions on the health of the Apple legend.

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