Steve Jobs Resigns as Apple CEO

August 24, 2011 Updated Aug 24, 2011 at 7:53 PM EDT

...

Steve Jobs

August 24, 2011 Updated Aug 24, 2011 at 7:53 PM EDT

Steve Jobs, who has battled health issues in recent years and been on medical leave since January, resigned as CEO of Apple on Wednesday, the company announced.

The company said Tim Cook will be its new CEO and that Jobs has been elected Chairman of the Board.

In a letter to the Apple Board of Directors and Apple Community, the 56-year-old Jobs said: "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."

To read the Apple news release, click HERE.

To read a letter from Jobs, click HERE.