Startling news rocked Apple’s Cupertino empire today as Steve Jobs resigned as CEO of Apple. Jobs will become the Chairman of the Board, while Tim Cook will take over as Jobs’ successor, and will also be joining Apple’s board of directors. All of these changes are to take effect immediately.

Jobs is credited with making Apple the most valuable tech company in the world, and for a short time, the most valuable company overall in the world. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team,” Apple’s press release stated. “In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

Jobs’ has been on a leave of absence recently due to poor health. Apple’s press release made no mention of whether the decision was connected to health issues, but Steve Jobs’ own letter to the board of directors did mention that he was no longer able to meet his “duties and expectations as Apple’s CEO.” 

Tim Cook has served as acting CEO while Jobs was out, as well as the company’s COO. Cook was in charge of apple’s operation, sales, and end-to-end supply chain.

Read the full text of Steve Jobs’ letter to Apple’s board of directors below:

Letter from Steve Jobs

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