Steve Jobs, Apple founder and CEO, has resigned following a deterioration in his health.

Following his battle with pancreatic cancer, Jobs took leave from his post in January and he has now decided to step down for good. He had twice previously taken time off from the company for health reasons.

Jobs founded Apple from his garage in California in 1976 but left in 1985 following a row over the company’s direction. After an 11-year gap, during which time he headed Pixar’s animation innovations, he returned to help grow Apple into one of the world’s most successful companies.

Jobs’ decision to leave has seen Apple stocks fall seven percent, while those of its competitors Samsung and HTC have gone up.

Following a strong recommendation from Jobs, Tim Cook, the company’s chief operating officer, was named the new CEO.