Steve Jobs announced in a letter to Apple's board of directors this afternoon that he is resigning as CEO from Apple, the company he co-founded in 1976. Jobs said that he is no longer able to fulfill his duties, and that he "strongly" recommends that Chief Operating Officer Tim Cook takes his place.
In a press release Apple announced that the board named Cook as CEO, and that Jobs has been elected Chairman of the Board and Cook will join the board.
Since 2004, Jobs has battled cancer, the effects of a liver transplant and undisclosed illnesses.
Tim Bajarin, president of the consulting firm Creative Strategies, has followed Jobs' career for decades.
"Steve as a person and as a visionary is relatively irreplaceable," Bajarin said. "But at the same time, let's be clear. Over the 7 years especially, he's built up a staff, what we call a deep bench, who not only understand his vision, but understand even more so, something he can't do, how to execute on his vision."