Steve Jobs Resigns as CEO of Apple

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Apple co-founder and CEO Steve Jobs has resigned from his position, the tech company announced Wednesday. He made his intentions clear in a letter.

Jobs' letter to the board and employees did not mention his recurring and serious health problems, but it was clearly alluded to in the words he chose:

"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."

Steve Jobs Pic

Jobs, who took medical leave in January, will remain on as Chairman and former Chief Operating Officer Tim Cook will take over as Apple CEO.

He co-founded Apple in 1976, was ousted in 1985 and returned in 1996, when be began building it into the world's most valuable technology company.

Many assumed this was inevitable given his condition. Ironically, Jobs has been feeling a bit better lately - even making regular visits to the office.

What Jobs' resignation means long-term for Apple is obviously unclear, but the company's stock is already down $17.66 (-4.69%) in pre-market trading.

Read his full resignation letter here.