Steve Jobs has ended his 14-year-reign over Apple, the company he co-founded from his garage in the late 70s, without any reasoning. But he asked Apple, in his resignation letter, to reassign him to keep his position as board chairman.


Tim Cook, the company's Chief Operating Officer, has taken his position. Cook has been standing in for Jobs while Jobs has been on medical leave — he has had a rare case of pancreatic cancer — since January of this year.

Shortly after Jobs' announced, Apple shares dropped 7 percent.

While the news is sudden, Jobs' medical condition may be a contributing factor to his departure. Or else he's joining Bill Gates' philanthropic brigade.