After being away from his duties at Apple for a really long time now, the day we all knew would happen has come. With a bit of a shock, Steve Jobs has submitted his resignation:

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

UPDATE: It’s official. Apple has elected Steve Jobs as Chairman of the Board and named Tim Cook as CEO. Read Apple’s official press release here

Sources:

Business Wire | Huffington Post | Apple