Apple's Steve Jobs Resignation Letter

The day Apple's Steve Jobs resigning from his chief role has finally come. The chief had made an announcement yesterday of his resignation and his recommendation to have Chief Operating Officer Tim Cook as his successor. Tim Cook had been handling the day-to-day operations while Steve was on medical leave because of his pancreatic cancer. The resignation is to be of immediate effect. Shares of Apple fell by as much as 7 percent in after hours trading on Wednesday.

Steve's resignation letter goes like this.

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