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Chairman and Chief Executive Larry Ellison is resigning from its board.

In a press statement, Ellison said he will continue to offer advice to Apple CEO Steve Jobs, but added that "my schedule does not currently allow me to attend enough of the formal board meetings to warrant a role as a director."

Ellison, a longtime friend of Jobs, joined the board five years ago in a reshuffling of directors, after Jobs returned to take control of the company he co-founded in the 1970s.