After 14 years of heading a company that he co-founded in his garage of all places, Steve Jobs has resigned as CEO of Apple Inc. In the last eight years, Jobs has had problems with pancreatic cancer and has also received a liver transplant.

Starting today, Jobs has relinquished his title has chief executive officer and had named chief operations officer and long time heir apparent Tim Cook as the new CEO. Jobs had this to say in his resignation letter:

"To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apples 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 Apples 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.


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