A Steve Jobs announced today that he is sitting down as the CEO of Apple. Just turn the reins over to Tim Cook as the new CEO of Apple. Steve Jobs will remain on the Apple team as a chairman who is not leaving completely and will obviously have say in where Apple goes from here.

It is pure speculation this point why Steve Jobs has stepped down and resigned as CEO of Apple, but health concerns from his past may be the reason.

Explain read below for the full text of Steve Jobs letter that he presented to the board which sites that he is unable to fulfill all of his “duties and expectations”.

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 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.

Steve

How will Steve Jobs resignation affect Apple stock?

We will see tomorrow what will happen to Apple stock from Steve’s resignation and hopefully business huge drop being that Steve Jobs has been the head and face company so for so many years and is a huge reason why Apple has been since so successful. One thing is for sure, Apple is here to stay and Steve Jobs will continue to play a role in the company thedirection of it’s future.