As Reuters reports and Apple has confirmed, Apple CEO Steve Jobs is stepping down from his leadership position. Apple's Board of Directors has named Tim Cook the company's new CEO. Jobs has been elected Chairman of the Board.

"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," Jobs wrote in his resignation letter.

Below is Apple's official press release on the announcement (via Business Wire):

Apples Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apples Chief Operating Officer, as the companys new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

Steves extraordinary vision and leadership saved Apple and guided it to its position as the worlds most innovative and valuable technology company, said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. Steve has made countless contributions to Apples success, and he has attracted and inspired Apples 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.

The Board has complete confidence that Tim is the right person to be our next CEO, added Levinson. Tims 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.

Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

As COO, Cook was previously responsible for all of the companys worldwide sales and operations, including end-to-end management of Apples supply chain, sales activities, and service and support in all markets and countries. He also headed Apples 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.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.

The Wall Street Journal published a letter from Steve Jobs announcing his resignation:

PRESS RELEASE: Letter from Steve Jobs

August 24, 2011To 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 Apples 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 Apples 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.

According to Reuters, Apple shares fell following the announcement: