Steve Jobs steps down as Apple CEO

Steve Jobs has stepped down as CEO of Apple after nearly 14 years at the helm of the company he co-founded with Steve Wozniak and Ronald Wayne in 1976, Apple's board of directors said in a statement after the close of trading on Wednesday. Jobs has been elected chairman of Apple's board.

The board has named Tim Cook, previously the company's chief operating officer, as Jobs' replacement as Apple's CEO and a member of the board, effective immediately, the statement 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," said Apple director and Genentech chairman Art Levinson, in the statement.

"Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as chairman of the board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

Jobs submitted his resignation earlier Wednesday and "strongly recommended that the board implement its succession plan" and name Cook as CEO, the statement said.

Apple released Jobs' resignation letter, which read as follows:

"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

Jobs' first stint at Apple began with the company's founding on April 1, 1976 as a vehicle for selling Jobs' and Wozniak's Apple I personal computer kit. Wayne left shortly thereafter, but Jobs and Wozniak went on to help usher in the personal computing revolution with innovative machines that were among the first to use graphical user interfaces, helping knock IBM from its perch as the dominant PC vendor.

Jobs resigned from Apple in 1984 following a power struggle with its board of directors, going on to found the computer platform developer NeXT and help build Pixar Animation Studios. He returned to Apple in 1996 as a result of the company's buyout of NeXT, was named interim CEO in 1997, and became permanent CEO in 2000.

His second stint at Apple was even more successful than his first. Jobs rescued Apple from irrelevance with a string of popular products using the letter "i" as calling card—the iMac, iPod, iPhone, and iPad—and even referred to himself in 2000 as Apple's "iCEO."

In recent years, Jobs' health has led to extended leaves of absence from his regular duties as CEO. In the mid-2000s he was diagnosed with pancreatic cancer and in public appearances he appeared to have lost considerable weight.

He underwent a liver transplant in 2009, and in the ensuing years, Jobs had ceded many of his duties running Apple's day-to-day operations to Cook, though he still made public appearances at Apple product launches and its annual Worldwide Developers Conference, as well as hosting the company's quarterly earnings calls.