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VIA WSJ Steve Jobs, the tech visionary who founded Apple, said he was unable to continue as the CEO of the corporation and handed the reins to Tim Cook, Chief Operating Officer.

Apple said Mr. Jobs submitted his resignation on Wednesday and “strongly recommended” that the board of directors name Mr. Cook as his successor.

Mr. Jobs, 56 years old, has been elected chairman of the board and Mr. Cook will join the board, effective immediately, the company said.

His resignation is due to his ailing health. He is suffering from a “hormone imbalance” that had caused him to lose weight rapidly. READ MORE

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