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Apple CEO Steve Jobs Resigns

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Aug. 24 2011, Updated 9:10 a.m. ET

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By Amber Goodhand - Radar Reporter

Apple CEO Steve Jobs resigned on Wednesday, RadarOnline.com has learned.

The Board of Directors has named Tim Cook as the company's new CEO -- he was previously Apple's Chief Operating Officer.

The 56-year-old businessman will remain as Chairman of the Board, and the following is Jobs' resignation letter:

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.

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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.

As RadarOnline.com previously reported the genius who invented our favorite gadgets like the iPod, iPhone and iPad, has had ailing health problems and began cancer treatments earlier this year at the Stanford Cancer Center in Palo Alto, California.

In 2004, Jobs took time off to recover from surgery to treat a very rare form of pancreatic cancer -- called an islet cell neuroendocrine tumor -- and then had a liver transplant in 2009.

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Jobs took a medical leave of absence in January and was then photographed just four months ago looking thin, frail and gaunt as he made his way into Apple Headquarters.

Investors speculated that Apple stock would plummet the moment Jobs resigned, and as of publication, stock has been on a steady decline.

Watch RadarOnline.com's exclusive video of Steve Jobs below:

radar_embed service=5min.com src=" http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1126&width=486&height=412&playList=517712602&sequential=1&shuffle=0"

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