Steve Jobs' letter of resignation has been added to this story.
CUPERTINO, Calif. (TheStreet) -- Apple
Jobs submitted his resignation to the Apple board Wednesday, the company explained, and strongly recommended that the board implement its succession plan and name Tim Cook as CEO.
"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," explained Art Levinson, chairman of Genentech, on behalf of Apple's board, in a statement. "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."
"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," explained Jobs, in his resignation letter. "Unfortunately, that day has come."
Apple shares closed Wednesday's regular session at $376.18, up 0.7%. The stock turned lower in extended action, and was last quoted at $356.25, down 5.3%, on volume of more than 500,000.
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