End of an Era: Steve Jobs Resigns

Apple's iconic CEO and design maven Steve Jobs submitted his resignation today after being on medical leave since January.

"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," Jobs said in his resignation letter. "Unfortunately, that day has come."

Jobs was diagnosed with a rare form of pancreatic cancer in 2004 and underwent a liver transplant two years ago. Insiders at Apple say he has remained active during his leave and has been involved in all major decisions.

Jobs himself has made no comment on his health beyond what he said in January, when he said he was taking a leave of absence to "focus on my health."

He has made only a few public appearances since then and has appeared thin but vigorous.

The board named Tim Cook, Apple's chief operating officer, to succeed Jobs as CEO and named Jobs chairman of the board.  The changes are effective immediately.

Cook faces the difficult task of proving that Apple can survive without Jobs, its co-founder and longtime chief.  Jobs co-founded the company, then left to pursue other ventures but returned in 1997 to lead a comeback effort that averted bankruptcy and vaulted the company to its current position as one of the most valuable companies in the world.

Under Jobs, Apple has come to dominate the smartphone, personal music player and computer tablet niches, marrying software and hardware in products that are prized not only for their functionality but for their beauty.

"The Board has complete confidence that Tim is the right person to be our next CEO," said Art Levinson, chairman of Genentech and an Apple board member, in a statement.