Steve Jobs has just resigned as CEO of Apple and will be replaced by Tim Cook currently COO of Apple.  This news was comfirmed by Apple immediately,and Jobs will continue to stay on the Apple Board as Chairman.

In a letter to the board, Jobs asks to serve as Chairman of the Board, as well as director of Apple and to remain as an employee. It has become increasingly clear over the previous months that Jobs' health has declined rapidly, and this move is likely related to this. Reuters reports Apple shares down 7% immediately following the announcement, but they have now rallied a little to hover around the 5% mark.

In a statement from Apple (via Engadget), the company said:

"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."

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."

Here is the letter from Jobs:

To the Apple Board of Directors and the Apple Community:

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. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Steve

via neowin