The earth shattering news (in the tech world) has come that 55-year-old Steve Jobs has resigned as CEO of Apple. But after announcing profits of $7b (£4.2b) in Q2 alone and a 124% year-on-year increase, why is Steve Jobs retiring?

The short answer, as he said in a letter to the Apple board, is because he 'could no longer meet [his] duties and as CEO'. Jobs has been on medical leave since the 17 January with an undisclosed medical condition. Whether it is related to the liver transplant he underwent in 2004 after being diagnosed with pancreatic cancer is pure speculation. It's worth noting that Jobs' was able to attend and introduce Apple's Worldwide Developers Conference in San Fransico in July this year, although the majority of the presenting was done by his colleagues.

In his resignation letter Jobs went on to state that he 'would like to serve, if the board sees fit, as chairman of the board, director and Apple employee'.

Jobs' also recommend that Tim Cook, who stood in as Apple's acting CEO when Jobs was on medical leave, should be named as his successor.

Jobs was involved with Apple since its creating in his garage in 1976. He was later ousted in 1985 and stayed away from the company until 1997 when he became Apple's interim CEO and chairman during difficult times at Apple. The word interim was dropped from his title in 2000 after he rescued the company from the brink of collapse. Jobs is now following in the footsteps of former Microsoft CEO Bill Gates who resigned 11-years-ago to concentrate more on his charity work.

See Steve Jobs' Apple Timeline here