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. (Read more Steve Jobs stories.)