Steve Jobs Resigns As Apple CEO

Steve Jobs announced he is resigning as Apple CEO today.

Here's the press release.

PRESS RELEASE: Letter from Steve Jobs

August 24, 2011–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 Jobs will remain as chairman of Apple and Tim Cook, Apple's COO will replace Steve Jobs as CEO.

Apple share price is being hammered in the after hours market.

If you invested in Apple stock when it started back in 1984 and held on until today, you would have earned over 11,0000% on your money.