Apple CEO Steve Jobs has resigned and will be replaced by former Chief Operating Officer Tim Cook, the company said late Wednesday. Jobs will stay on as Apple's chairman.

Jobs alluded to his health in the letter of resignation he sent to Apple's board on Wednesday.

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, who has been on medical leave since January.

(From CNN)