Steven Paul Jobs, co-founder and former CEO of Apple Inc, has resigned as CEO and taken a job as chairman of the board, ending a colorful career that spanned over 14 years. For several years, Tim Cook has been acting as an on-and-off CEO at times during which Steve Jobs’ health prevented him from running the company. Cook has been elected as the replacement CEO.

Steve’s resignation letter has been made public, and is as follows:

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 suffered for long from a rare pancreatic cancer and was on medical leave for an undisclosed condition since Jan. 17, 2011. His gaunt appearance has been subject of a raging debate as investors often questioned his health and ability to continue at Apple.

Commonly regarded as the soul of Apple, Steve’s resignation was met by a 5% decline in share prices. “Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” says the press release. Tim Cook has served as COO, and has been at the company for 13 years in various positions.

Nonetheless, Apple shares dived as much as seven percent in after-hours trading following the announcement, because the market knew Cook had big shoes to fill -- Jobs has been a driver of innovation and is clearly the main reason behind Apple's success.