Steve Jobs Resigns as Apple Chief

Will the news of Steve Jobs stepping down as CEO upset the Apple cart? It’s too soon to tell as the news was announced Wednesday.

In his resignation letter—as it appears on CNNMoney and Wall Street Journal—Jobs said: “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.”

He asks the board to keep him on in the capacity of “Chairman of the Board, director and Apple employee.”

Jobs has been on medical leave since January but does makes no mention in his resignation letter if health matters were a factor.

Replacing Jobs at the helm is Tim Cook, the company’s chief operating officer.

Jobs is credited with turning around the company that nearly faced bankruptcy about 13 years ago.

The full text of Jobs' letter of resignation follows.

To the Apple (AAPL) 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