Apple CEO Steve Jobs Resigns

Steve Jobs has announced that he will step down as CEO of Apple Inc., currently the world's second-most profitable tech company. The news initially resulted in a stiff drop in Apple stock, though shares have rebounded since Jobs made the announcement on Wednesday.

Jobs has been Apple's chief for the last 14 years, and that decade-and-a-half has proven extremely lucrative for the Cupertino, California-based company.

Under Jobs, Apple went from a relatively obscure computer and software company to the premium designer and manufacturer of the world's hottest gadgets, including the iconic iPod, iPhone and now the iPad. For their part, the iPhone and iPad now dominate the smartphone and tablet markets, respectively. (Source: wsj.com)

Jobs to Remain Chairman; Tim Cook New CEO

Apple fans will be relieved to hear that Jobs won't be completely severing ties with Apple. Just as Bill Gates did when retiring from the top post at Microsoft, Jobs will remain chairman of the company and will likely continue to have a considerable influence on the new CEO, Tim Cook.

Of course, the decision to step down as CEO will most certainly prompt questions about the state of Steve Jobs' health. Jobs previously stepped aside due to a difficult bout with pancreatic cancer, but eventually returned to his lofty position. It's believed that his health is again under threat, but the precise nature of the illness remains largely unknown.

Speculation Mounts with CEO Resignation

"I am speculating, but I suspect that either the disease has recurred, or he's having complications from his liver transplant, such as rejection or an infection," noted New York oncologist, Dr. Craig Devoe, a pancreatic cancer specialist. (Source: latimes.com)

However, Jobs' legion of supporters should take comfort in the knowledge that many treatment options exist for this kind of illness.

"The bottom line is that unlike other forms of cancer, such as breast or colon cancer, where the mainstay of treatment is chemotherapy, for this we have many types of low-toxicity targeted therapies that can keep it under control often for many years," noted Dr. Edward Wolin of the Samuel Oschin Cancer Center at Cedars-Sinai Medical Center in L.A.

"People can live with a good quality of life, and it can be treated as a chronic illness, much like diabetes."