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(Pocket-lint) - Steve Jobs has quit as chief executive officer of Apple, with former COO, Tim Cook, now taking charge of the top job in tech. 

In an open letter, Jobs, the now former CEO, released the following statement:

"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," he said.

"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."

The board, who welcomes the move, was, naturally, congratulatory to Jobs for his years of service:

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“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, chairman of Genentech (on behalf of Apple's Board).

“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 continues: “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 judgement in everything he does.” 

As chief operating officer, Cook was previously responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities and service and support in all markets and countries.

He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

How the markets react will determine whether the move is welcomed or not. 

It's certainly an exciting end to a thoroughly busy day in the world of consumer technology.

Writing by Stuart Miles.