Apple's Steve Jobs
Apple's Steve Jobs stepped down as CEO of the company on Tuesday. REUTERS/Beck Diefenbach

Apple announced Wednesday that Steve Jobs is resigning as Chief Executive Officer (CEO), effective immediately.

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, wrote Jobs in a letter.

Jobs will be replaced by Tim Cook, the company's Chief Operating Officer (COO) who has been leading the company since Job's medical leave in Januaray. Jobs will stay on as chairman of the giant company, as he ends 14 years of leading Apple, since taking over during the brink of bankrupcy and turning it into America's most valuable company.