CUPERTINO, CA — Apple chief executive/tech icon Steve Jobs has resigned, effective immediately.

Apple Chief operating officer Tim Cook has been named CEO. Jobs has been elected chairman of the board.

Jobs, a tech icon, has been suffering from a rare form of pancreatic cancer, and has undergone treatment since 2003, including a liver transplant in 2009. He made no mention of his illness in a public letter to Apple employees, but acknowledged he was no longer capable of running the world's largest company. "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 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."

“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.”

Cook has been with Apple for 13 years, and was essentially handpicked by Jobs to succeed him.

As COO, Cook was responsible for worldwide sales and operations, including supply chain, sales, 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.