Steve Jobs Resigns as Apple CEO
Former COO Tim Cook will replace him
By Evann Gastaldo,  Newser Staff
Posted Aug 24, 2011 6:04 PM CDT
Updated Aug 24, 2011 6:19 PM CDT
Apple CEO Steve Jobs introduces new products during the Apple Worldwide Developers Conference at the Moscone Center in San Francisco on June 6, 2011 in California. AFP PHOTO / Kimihiro HOSHINO   (Getty Images)

(Newser) – Steve Jobs is resigning as CEO of Apple, effective immediately, the company announced today, noting that he has been elected chairman. He will be replaced by former chief operating officer Tim Cook, the AP reports. The Wall Street Journal has his full letter to the board, which begins, "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."

Later, he recommends Cook as the new CEO and adds, "I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee." On behalf of Apple's board, MSNBC notes, Art Levinson said that Jobs "will continue to serve Apple with his unique insights, creativity, and inspiration." Reuters is reporting that Apple shares fell 7% after the announcement. Jobs had been on medical leave since January.