Steve Jobs, 56, Apple's co-founder & CEO announced on Wednesday (August 24) that he's resigning effective immediately and is replaced with Tim Cook, Apple's COO as Steve himself strongly recommended.

In a statement, Jobs says, "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."

Apple's COO, Tim Cook will take over the reigns as CEO of the Silicon Valley-based firm. Cook led the computer firm while Jobs was out earlier in 2011. Cook has been with Apple for 13 years and also heavily helped in the Macintosh division.

Jobs founded Apple in 1976 in a garage along with Steve Wozniak and Ronald Wayne. Recently, Apple was named most valuable company, surpassing Exxon Mobi.

Jobs has taken multiple medical leaves in recent years was diagnosed with a rare form of pancreatic cancer in 2004.

Jobs was also a driving force behind Pixar, the animation studio responsible for "Finding Nemo" and the "Toy Story" series among others. The firm was bought by Disney in 2006, and Jobs took a position on Disney's Board of Directors.