News is just coming out of Cupertino that Steve Jobs has resigned as Apple's CEO per a letter to Apple's board of directors. Steve requests to stay with the company as a chairman and appoints Tim Cook as his successor. The request still needs to be approved by the board, which is all but guaranteed.

Steve's letter is short and to the point:

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

After-hours trading of Apple stock has resulted in a 5% drop, and it's not unreasonable to think that the stock may continue to slide tomorrow as investors react to the news. It seems easy to assume that Steve's departure as CEO is a direct result of his health as he has battled cancer since 2009, and we wish him the best.

On the bright side, Tim Cook is more than capable to serve as CEO, although he lacks the obvious star-power that Steve Jobs had. Also, as a chairman, Jobs can still have an influence over the products and direction of the company while being freed of the day to day responsibilities of CEO. Something else to keep in mind is that Cook has more or less been at the helm of Apple since 2009, and on and off since 2004 as Steve has fought cancer. Once all the reactionary dust settles, this should be a very smooth transition.

Update: According to the Wall Street Journal, as expected, Steve Jobs will remain active in the company:

People familiar with the situation have said that Mr. Jobs continues to be active at Apple and is closely involved in the company's product strategy. Apple watchers don't expect that to change even after Mr. Cook takes over.

  • Anonymous

    Sad news, I hope him all the best for his medical conditions.

  • Twobobwatch

    Good Luck Steve.

  • Twobobwatch

    Good Luck Steve.

  • UmbraVir

    Never knew Steve had cancer. Now I know.

    • http://twitter.com/21tigermike Michael A. Robson

      You're an idiot.

      • Hanerlend

        Why is he an idiot for not having heard that Steve battled cancer before reading it in this article?

      • Mike

        No you are, in practically every article. You are an idiot.

  • Nathan

    Very sad news indeed. My dad has the MacWorld magazine where that picture of Steve is on.

  • local

    Bye Steve. =(

  • Bob117

    We will miss Steve...maybe apples days are over

    • Anonymous

      As the biggest company in the world, I don't think Apple is going anywhere. Jobs got out on top.

      • rallier

        they only have around 8 to 9 percent of the entire market...so you wont see them on top anytime soon

      • Anonymous

        You obviously haven't been paying attention... Apple just recently edged out Exxon Mobil as the most valuable company in the world.

      • rallier

        yes most valuable I understand that, but then look at it in a sustainability aspect they wont be what other companies have been with such a small market share...unless they grow insane amounts in the next 5 years which could happen, but its hard to tell without Jobs there.

      • Noman

        I have no idea what you are saying, they are the largest company in the world, but they need to grow more to be sustainable?  That doesn't make sense at all...

    • Shrugemoff

      That was my first reaction. But he'll still be working at Apple so it'll probably be business as usual he just won't have to deal with everything a CEO would, which is good since he's probably seeing a decline in his health.

    • Shrugemoff

      That was my first reaction. But he'll still be working at Apple so it'll probably be business as usual he just won't have to deal with everything a CEO would, which is good since he's probably seeing a decline in his health.

    • Shrugemoff

      That was my first reaction. But he'll still be working at Apple so it'll probably be business as usual he just won't have to deal with everything a CEO would, which is good since he's probably seeing a decline in his health.

  • Guest

    This is huge news, but on a gaming site it won't get as much of a reaction as say...the release of Final Fantasy Tactics did.

  • Guest

    This is huge news, but on a gaming site it won't get as much of a reaction as say...the release of Final Fantasy Tactics did.

  • Anonymous

    Thanks for revolutionizing the modern computer age Steve! Good luck!

  • http://twitter.com/VULTR3 Mike

    It's sad but, there's always going to be a changing of the guard at some point. Apple is still going to thrive, their products drive the company's success and they have built a very talented group. Take it easy, Stevie!

  • Adams Immersive

    In other words, he’s simply not planning to return to his full 2000-2010 duties, which he took a leave from in January.

    Hopefully that leaves him less burdened and better off health-wise, while still able to contribute to the company’s products, as he has continued to do (along with a large and talented team) during 2011.

    It sounds like he never expects his health to return to what it was in years gone by. Hopefully, though, it doesn’t get worse either. But that’s his private business. For now, all we know for sure is that he’s still at Apple, and that Apple has made a good choice for its new CEO.

    • http://twitter.com/21tigermike Michael A. Robson

      They've already surpassed MS to become the biggest tech company on Earth (and even, the biggest company). Apple's iPad will sell about 50 million units this year, putting Apple as the number one US mobile computer company. They're dominant in pretty much every market they play. Steve Jobs has done an amazing job, and his platforms will be exciting and interesting to work and play on for years to come. He can now relax and.... be the Chairman of Apple Inc. (?). That's right people, he's still at the company. He still works for Apple. Johnny Ives still takes his phonecalls, as does the new CEO Tim Cook (who has been acting CEO for the last few years).

      This changes almost nothing, but for investors who have been demanding clarity on this issue, and for fans of Apple who want Steve to be well, it might signal that he might not be with us for much longer. All the money in the world can't buy a new body.

      It's funny, there's an old saw that goes, if you want to cure Cancer, just give the top 50 CEOs cancer, and you'll have the solution in a week (or sth like that). Steve Jobs could beckon the best doctors from all over the world to come to his home and perform surgery on his Cancer. That may still not be enough. The best he can do himself, is to ensure that he lives on in Apple, and future Apple products. That may be his true immortality.

      • http://www.facebook.com/profile.php?id=100001703403928 Lily Chen

        Are you serious ? Apple is far from being the biggest tech company in the US let alone the world.

        Yes apple had the best market capitalization but its revenues aren't as big as other companies  :
        in the US turf HP and IBM are the biggest tech companies ( both due to the enterprise market of servers and super computers)  with 2010 revenue of 126 and 100 billion dollars at 2010 respectively ( for comparison apple had ~67  billion dollars revenue at 2010).In Global terms Samsung is the biggest tech company ( that's what happens when most of the world buy the chips from you, and that's include apple) with revenues of 133 billion dollars ( they also have a bigger assets value the apple by quite a large margin).

        I think that its a lot more probable that someone has an samsung product then an apple one as they are: A) in every iPhone/Pad/Pod touch ( The processor is made by sammy) B) in a large portion of decent quality RAM C) in of so many SSD and other NAND ROM based devices  ( disk on key and the likes).

        So please get your fact right .

        Anyway best of health wishes to Steve Jobs .

      • shamwu

        you were also strong contender for the prize, unlucky.... maybe next year keep on fanboying.

      • http://www.facebook.com/profile.php?id=100001703403928 Lily Chen

        Why fanboyism?

        I stated facts (plus numbers) I'm not really a samsung fangirl ( I think that they have a significant part in the high prices of high frequency memory ).I'll admit to being an IBM fan girl ( I really like the reseach they are doing) though :).I also will like to point out that I own both an android and an iOS devices and use both on a daily basis ( iPod touch in the iOS department). I think apple has some great products and concept but they aren't the "biggest tech company in the world " ( Not in revenues , not in net income and not in market penetration ).

      • shamu

        lol! have this trophy, for i name you Mr Applefanboy- talkaloadofshit 2011. congrats on a well deserved win.

  • Travis

    I dont care, this jew has enough money.

    • Talkarounditok

       really?

    • sawyer4325

      shut up

    • BruteOutlawz

      What a dumb and hatefull thing to say, you need to grow up. 

    • Anonymous

      It's amazing in this day and age, there are still humans who have not evolved.

  • Relytgninroht

    Hard to imagine Apple without Steve as their CEO. Hopefully they'll manage fine without him, and hopefully his health improves.

  • Anonymous

    With all the great games coming out what better time to slow things down and enjoy!
    I mean, especially with Paper Monsters coming out soon who could blame him
    :)

  • http://www.geekrevolt.com/ DeShaun Zollicoffer

    I'm sad to see him go, but it's for the best. His health comes first and this should have happened months ago. Apple will be fine with Tim Cook at the throne.

  • Anonymous

    Going out on top. That's showmanship.

  • http://www.facebook.com/people/Will-Buckingham/518019273 Will Buckingham

    It's a sad day to see such a visionary move off center stage, but his
    health and family come first.  If this move makes his remaining years
    more comfortable, then I can only wish him the best of luck.

    Tim Cook was a good choice for a replacement CEO.  He did a fine job during
    Steve's leave of absences and delivering the 3GS, and I'm sure he's been
    prepared for years now to take over the company full-time.  Even if
    changes are going to happen, it will be several years before the
    company's products in progress will really shift gears.  Perhaps iPhone 7
    or 8 will take a radical approach, but the company as a whole has a
    pretty fixed atmosphere at this point, so it will likely be pretty
    steady in direction for a good time to come.

  • Chtorr280

    I hope iSteve remains a major influence on Apple's direction.  He is a true visionary that can't be completely replaced no matter how prepared his successors are.

  • Tower Defender

    His health has be deteriorating.  It's good he stepped down before he needed to be hospitalized again.  I hope he takes care.

  • Anonymous

    Apple without jobs is like the world without SUPERMAN, its never be the same again!.
    so long uncle steve.wish u the best for your healthiness.

  • Traviss

    An Apple a day keeps the doctor away.........Well then, guess not.

    • Anonymous

      apparently an apple a day doesn't keep the aholes at bay either. Let us know when someone in your family suffers from cancer so we can make simliar comments. 

  • Heinrich

    Good Bye, Apple.

    No Steve = No Apple.

    • Anonymous

      patently false. That's like saying without George Washington or Abe Lincoln or any of the US's founding fathers the US would seize to exist. Or the death of Henry Ford would bring an end to the Ford Motor Company. 

      Microsoft seems to be doing just fine without Bill Gates. Anyway, the point it, great leaders don't just lead, they mentor and put redundancies in place that out live their management.  

      Your post pretty much sums up what an amazing person SJ is in the tech industry. It's almost unimaginable that anything "magical" could be achieved without him. 

      • Shrugemoff

        Oh Mr. Troll please go away. By the way it's cease not seize.

      • Anonymous

        You don't even know what a troll is. 

      • Shrugemoff

        It's an asshole that does nothing but give snide remarks in his comments and acts like a douchebag to everyone he responds to. All hail King Douchebag.

  • Lemon

    In other news unconfirmed sources said Apple was plaaning to buy Microsoft and HP with Nokia's licensing arrangements offloaded to Samsung to consolidate its position against Google.

  • Awesome

    Does he still host of the conference, which introduces new apple products?
    Well then that+his health to leave CEO.
    And @ most people missing jobs. Grow Up. Thats just a CEO that changes. Design teams and everyone else is same.

  • http://www.facebook.com/people/Chris-Mader/100000347179097 Chris Mader

    Woohoo! Best news I've heard all week. I haven't been a fan of Steve since his "triumphant" return in '97. While I have no ill will towards the man he IS an egotistical, pretentious @$$hat and I won't shed a tear when he kicks the bucket. Fear not though boys and girls. Apple managed to survive the Gil Amelio years so I have no doubt it will survive the post-Jobs years just fine.

    • Cilo

      I hope you come down with anal cancer. 

      • rallier

        mader does have a point about how much of a jerk Jobs was, but i dont wish cancer upon him, cancer is a horrible disease, but I do believe that the amount of stress Jobs had may have caused this cancer.

    • http://www.facebook.com/profile.php?id=690747678 Paul Johnson

      Wow, I've seen some asshole comments online before, but this one goes instantly to the #1 spot in my list of all time net kiddie crap.

      When you need it in your life, I hope those around you are as sensitive and understanding as you are.

      • http://www.facebook.com/people/Chris-Mader/100000347179097 Chris Mader

        Oh, sorry. Better luck next time. I'm 32, not a kid. If I may make a suggestion. You should work on your reading comprehension. I didn't say I was GLAD he got cancer. That's very
        unfortunate. My mother-in-law has had cancer twice and a cousin of mine
        died of leukemia two years ago. I know what it can do to people and I don't wish that on anyone. My lack of concern about his eventual demise, however, doesn't mean I have a lack of compassion about his current condition.

        What excites me about this is that maybe he will have less influence on the company now that he has left as CEO. I haven't been a big fan of the direction the company has gone since he came back. Maybe now we'll see some changes.

      • Anonymous

        You mean from almost bankrupt and going out of business to one of the most successful tech company in the world? right....

        you may not agree with some of his ideology but for apple as a whole, there couldnt have been a better CEO.

      • Hahahah

        Wow asshole looks like you got told. Maybe before commenting on someone's comment next time, you'll get cancer. 

    • shamwu

      haha like you know personally these guys. to call anyone egotistical and pretentious, you better know that person personally or else you kinda look like a idiot and/or a 11 year old. making judgements based on..not knowing a person at all.  thats what's really pretentious.

      • http://www.facebook.com/people/Chris-Mader/100000347179097 Chris Mader

        Are... Are you serious? Steve's personality is well documented. He's a jerk. Always has been. Everyone knows this. Except you it seems.

      • Anonymous

        I met Steve 10 years ago when I used to work at Apple. He was not a jerk at all and was a nice guy. He even knew my name even though he hadn't met before and we had lunch together in the apple cafeteria. I met him once more years after I left apple and was showing him my company's touchscreen products. Once again, real nice person to talk to.

      • http://pulse.yahoo.com/_TSHOWG7KWSRDIIHBPMWWZKUUY4 Nick Cow

        He stole your company's idea. When you show it to him. You should sue him for BILLIONS!

      • Anonymous

        Stop trolling if you don't know shit about what you're talking about. We get it. You hate apple or jobs or both for whatever dumb crap you want to assume as a fact. just keep that crap with yourself. Trolling all over the interwebz will not make your crap a fact.

  • Anonymous

    Long live Steve Jobs

    Tim, prepare yourself for hater comments

  • RaphaeINinjaTurtle

    Rest in peace Steve I guess IBM won in the end.

  • cool guy

    more like steve jobless!!!

  • http://pulse.yahoo.com/_TSHOWG7KWSRDIIHBPMWWZKUUY4 Nick Cow

    HA! Steve Job chicken out!! Knowing Google buys Motorola Mobility,
    theres no way steve job can win. Steve job is another person who knows
    whats going to happen and ran. Same as Bill Gates! CHICKENS! Headless
    Chickens!!

    • Cilo

      Chickens? These guys have been working in the industry for decades. Did you expect them to stay at their positions indefinitely? So who's winning exactly? Wtf are we talking about? Why am I responding to such a moronic comment? 

    • Anonymous

      Lmao. What a pathetic attempt at trolling. You need to visit Engadget and gizmodo and study the comments there for atleast a year. Only then maybe you'll find the true art of trolling instead of just making yourself sound like an 8 yr old idiot.

  • syipisa

    his resign was an accident, the text was meant to say "I REIGN as CEO of Apple"... damn you auto-correct :-(

  • Shrugemoff

    "What I proposed was a computer [the Macintosh] that would be easy to use, mix text and graphics, and sell for about $1,000.  Steve Jobs said that it was a crazy idea, that it would never sell, and we didn’t want anything like it.  He tried to shoot the project down.So I kept out of Jobs’ way and went the then-chairman Mike Markkula and talked over every detail of my idea.  Fortunately, both Markkula and then-president Mike Scott told Jobs to leave me alone.
    We went off to a different building and built prototypes of the Macintosh and its software, and got it up and running [...] We were trying to keep the project away from Jobs’ meddling.  For the first two years, Jobs wanted to kill the project because he didn’t understand what it was really about.
    If Jobs would only take credit for what he really did for the industry, that would be more than enough  But he also insists on taking credit away from everyone else for what they did, which I think is very unfortunate.
    I was very much amused by the recent Newsweek article where he said, “I have a few good designs in me still”.  He never had any designs.  He has not designed a single product.  Woz (Steve Wozniak) designed the Apple II.  Ken Rothmuller and others designed Lisa.  My team and I designed the Macintosh.  Wendell Sanders designed the Apple III.  What did Jobs design?  Nothing."
    ~Jef Raskin (the real designer and programmer of the Machintosh computer)

    • Hyr1972

      Wow! If what Jef said is true...still, you cannot take away from Steve in his 2nd coming from transforming Apple from near bankrupcy to the most valuable company on Earth in about a decade. That's some remarkable job.

      p.s. Too bad I believed in Apple naysayers and bought 1000 Intel and 1000 Microsoft shares instead of 1000 Apple shares in 1996...otherwise, I'll be a millionaire now, regardless of the dotcom, Asian, European or even Great Recession crisis...sigh...I still have those Intel and Microsoft shares...:(

      • Shrugemoff

        That's very true. He's a genius at business and marketing but all these Apple Fanboys and Fansites that act like he created all these devices (actually saying he's the inventor) and the man himself sometimes saying it is just plain wrong. Give credit where credit is due to all those designers, programmers, Apple employees, and Chinese factory workers who make the actual devices.