Steve Jobs

Steve Jobs has resigned as CEO of Apple, but he'll still be around, the company announced Wednesday.

Jobs, who will act as the board chairman, recommended that COO Tim Cook, who has been overseeing the company since Jobs took a second medical leave in January, should replace him, according to BusinessWire..

"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," Jobs wrote in a letter to the board. "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."

Check out the rest of today's news

Said Art Levinson, Genentech's chairman and an Apple board member: "Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company. 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. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

Levinson added that the board "has complete confidence that Tim is the right person to be our next CEO. Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."

What do you think this will mean for Apple's future?