Steve Jobs resigns as Apple CEO

Apple has flourished in recent years, riding a wave of successful consumer electronics like the iPod, iPhone, and iPad to become one of the largest companies in the world. Much of that success has been attributed to the company's iconic CEO, Steve Jobs, but the time has come for Apple to press on under the stewardship of another. Apple today released a copy of Steve Jobs' letter of resignation as CEO.

"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know," Jobs said. "Unfortunately, that day has come."

Jobs has taken three medical leaves of absence from Apple in recent years due to a string of health problems. Upon his latest leave in January, Jobs said he was turning over the company's day-to-day operations to COO Tim Cook. In light of the resignation, Cook has been appointed the company's new CEO. However, Jobs will still remain with the company, taking over as chairman of the board.

In a statement on behalf of Apple's board of directors, Genentech chairman Art Levinson said, "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."