*Steve Jobs resigns as Apple CEO

updates at bottom

Tim Cook, who has been in charge of day-today operations during Jobs' medical absences, becomes the new chief executive, and Jobs is elected chairman. From a letter Jobs sent to the Apple board:

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.

Early this year, Jobs took a medical leave of absence in order to focus on his health. In 2009, he underwent a liver transplant.

*From Apple press release:

"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 Art Levinson, Chairman of Genentech, on behalf of Apple's Board. "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."

"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."

**From a Time.com piece in January, when Jobs announced plans to take an open-ended medical leave:

Steve Jobs may be the big picture guy, but his executive team very likely shares his vision and is instrumental in Apple's success over the past decade. Jobs brings a world of intangibles to the table that would otherwise be impossible to replace, but it's unlikely that Apple's going to lose its positioning in the near future. The long term future of Apple is harder to predict, of course, but the company will eventually have to deal with Steve Jobs leaving in one capacity or another. Since his return to Apple in 1996, though, Jobs has built a strong foundation and provided a clear vision for the company. He may be the face of Apple, but his legacy and influence will likely permeate much of what goes on at One Infinite Loop whether he's there or not.

***Apple shares are down 5 percent in extended hours trading. The stock has been sensitive to his medical ups and downs over the years, so it wouldn't be surprising to see a sharp sell-off, however irrational that would be.

****From the WSJ:

Mr. Cook faces a big challenge in stepping into Mr. Jobs's shoes because he must prove that Apple can succeed without Mr. Jobs. Mr. Jobs not only co-founded the company, but brought Apple back from near bankruptcy when he returned to the company in 1997. He is considered the visionary behind the company and has played a key role in reviving the Macintosh computer business and developing new products like the iPod, iPhone and iPad. "Great companies rarely go from strength to strength," said Charles O'Reilly, a management expert, at Stanford University's Graduate School of Business, adding that Apple faces a particular challenge in that Mr. Jobs has had an unusually strong influence in setting Apple's corporate culture and strategy.