Replacement named.

Steve Jobs has resigned from his position as Apple's chief executive officer but will remain with the company as chairman of the board.

Chief operating officer Tim Cook has been named to fill Jobs' shoes as CEO.

The change was effective immediately.

Jobs said in an open letter that Cook's appointment was part of Apple's succession plan.

He said he would continue to watch and contribute to Apple's success in his board role.

"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...

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