Apple CEO and co-founder, Steve Jobs offered his letter of resignation in a statement released on Wednesday, August 24.

Jobs wrote, “I have always said if there ever came the 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.”

According to Jobs, he would be resigning after 13 years as head of the company, but would like to continue as Chairman of the Board.

“I have made some the best friends of my life at Apple,” he said “And I look forward watching and contributing to its success in a new role.”

Jobs added, “I thank you for the many years of being able to work alongside you.”

“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.

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Levinson added, “In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

Tim Cook, former Chief Operating Officer, has been named the new CEO of Apple, effective immediately.