Apple's (AAPL) Steve Jobs Resigns as CEO; Seeks to Remain as Chairman and Employee

This day in Apple's (Nasdaq: AAPL) legacy was bound to come sooner or later and now shareholders have to brace for the impact both short term and long term.

Apple's iconic CEO Steve Jobs announced Wednesday's night his retirement as CEO of the company he built into a powerhouse in mobile phones, tablets and computers.

Mr. Jobs said he would like to continue to serve as Chairman of the Board, director and an Apple employee.

The Apple Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company's new CEO. Mr. Jobs "strongly" recommended that the Board implement its succession plan and name Tim Cook as CEO.

In a letter 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."

"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," he also stated.

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