Steve Jobs, founder of Apple Inc., announced Wednesday he is stepping down as CEO of the computer giant.

According to Apple, Jobs submitted his resignation to the board of directors effective immediately and recommended they name COO Tim Cook as his successor.

In his letter of resignation Jobs, who has been struggling with health problems recently, said, "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."

Cook has been running the day-to-day operations for Apple since January when Jobs went on medical leave to treat a rare form of pancreatic cancer.