Steve Jobs resigns as Apple's CEO

Well, this has spiced up an otherwise slow news day: Steve Jobs has resigned as CEO of Apple. Effective immediately, former COO Tim Cook will oversee Cupertino's day-to-day operations as the new chief executive. Although Jobs will step down from the helm, he has asked to serve as the chairman of Apple's board.

The iconic figure has struggled with various medical conditions through his tenure in Cupertino, battling pancreatic cancer in 2004 and undergoing a liver transplant in April 2009. Jobs has been on medical leave since January 2011, a year plus after returning from the transplant, so his resignation isn't entirely unforeseen.

"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," Jobs said in a public letter. Considering Jobs' immense contributions and visionary-like status, many will question Apple's future. However, Jobs said he believes the company has its "brightest and most innovative days" ahead of it.

Tim Cook served as interim CEO while Jobs attended to his health, and as a 13-year veteran at the company, he should be well groomed for the role. In today's press release, Apple's board said it has "complete confidence" that Cook is the right person to lead the company. Cook also received Jobs' recommendation and you couldn't ask for a better endorsement than that. We've included Jobs' full letter below:

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 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