CUPERTINO, Calif., Aug. 24 (UPI) -- Apple Inc. Chief Executive Officer Steve Jobs resigned Wednesday, telling the U.S. company's board he can "no longer meet my duties and expectations."
The board announced the resignation, and said it has named Tim Clark to succeed Jobs, The Wall Street Journal reported. Cook, who has been serving as chief operating officer, will join the board, the newspaper said.
In the letter, Jobs, 56, said he would have liked to have continued as "chairman of the board, director and Apple employee."
"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," he wrote.
"Unfortunately, that day has come."
Art Levinson, chairman of Genentech and Apple board member, said in a statement the board "has complete confidence that Tim is the right person to be our next CEO."
Jobs denied in July the company he co-founded was actively taking steps to replace him. After the Journal reported Apple was seeking to create a short-list of successors to replace Jobs, he called the report "hogwash," InformationWeek reported.
Speculation about replacing Jobs has focused on his health, which has been a closely guarded topic at Apple, but includes his bout with pancreatic cancer, which was announced in 2004, and his liver transplant, which became known in 2009, despite the company's efforts to keep that under wraps.
Jobs went on medical leave again this year.