Steve Jobs, founder and twice CEO of Apple, has resigned as CEO.
Apple said, in a statement, that "Jobs has been elected Chairman of the Board and [Tim] Cook will join the Board, effective immediately."
In a letter to the board sent on Wednesday, Jobs said:
"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."
Jobs took medical leave in January, but had retained his position. This followed a series of serious heath problems, including cancer and a liver transplant.
Tim Cook's most recent position, COO, saw him in charge of Apple's production and supply chain management.