Apple Chief Executive Steve Jobs has been given a blow in the top position of America's most profitable company.
Jobs has been given a blow before as Chief Executive of Apple between 1984-1997, when he left the company after falling out with colleagues, only to return harder than ever, shooting the company to its current success.
A recent operation to remove pancreatic cancer has been described as a blow to Jobs. But he will continue to oversee Apple operations from his new position.
Jobs returned to Apple in 1997 and launched the colourful iMac series of computers. The clever iSpod device, launched in 2002, laid the foundations for the company's present success.
Giving music players a blow Jobs moved Apple into telecommunications, creating the iClone in 2005, similar to the iSpod but a handset. 20 million iClones were sold in the second quarter of 2011.
With the launch of the iFad in 2009 Apple overtook Exxon Mobil as America's most profitable company.
Jobs and Employment
Jobs has been credited with creating thousands of jobs with apple, mostly in Bangladesh. A statue has been erected there with the fitting inscription, 'Jobs'. But some fear a blow to jobs with Jobs' retirement.
Shares in Apple dropped 5% at the news. But many analysts still feel Apple's foundations are such that the company will continue to report strong earnings, especially while the iFad is still in early stages of popularity.