Steve Jobs has resigned as Chief Executive Officer of Apple Inc. as reported by The Wall Street Journal earlier today. Jobs anounced his resignation in a letter to the company board and community shown below:

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.

Mr. Jobs founded Apple along with two other colleagues back in 1976 and has since been on and off in the leadership of the company. 

Initial rumors of his resignation became widespread back in 2004 when the mogul was diagnosed with terminal cancer that he fought, won, and in the aftermath created the world's best selling & popular smart phone, followed by tablet, and virtually changed the way personal computing is conducted ever since.

On his successor speculation has been going on ever since his initial illness, but recently bloggers like John Gruber of DaringFireball.com had named Cook as the logical successor for reasons you can find in his post back in July.