Apple CEO Steve Jobs has stepped down, the board naming Tim Cook as his replacement. The company said "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company."

Steve himself published the following letter:

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

Apple has confirmed that Jobs will stay on as Chairman. Full details in the PR after the break.

Source: http://www.engadget.com/2011/08/24/steve-jobs-resigns-as-ceo-of-apple