Steve Jobs has resigned from his post as CEO

Steve Jobs, the founder and visionary behind Apple, one of the world's most innovative technology and consumer product companies, has announced his resignation as CEO today. He will remain chairman of the board.

Jobs, 56, co-founded Apple in 1976 with Steve Wozniak. During his storied tenure at Apple, which has sold over 300 million iPods and nearly 100 million iPhones in the last decade, Jobs has developed a cult-like following among Apple enthusiasts, and been lauded by marketers and product designers around the world.

In 2004, Jobs had surgery for pancreatic cancer, and in 2009 underwent a liver transplant. His health has had "ups and downs," a source tells The New York Times.

Technically, Jobs has been on medical leave from Apple since January, but has appeared publicly a number of times, most notably to announce iCloud, Apple's newest cloud storage initiative.

In the hours after his resignation was announced, Apple stock fell nearly five percent.

His resignation letter read:

"To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's C.E.O., I would be the first to let you know. Unfortunately, that day has come.

I hereby resign as C.E.O. 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 C.E.O. 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.

Steve"