Apple co-founder and CEO Steve Jobs has finally called time as head-honcho of the most profitable company in the world.
Jobs handed in a letter of resignation to the board of directors on Wednesday, after his ongoing battle with illness forced him to take indefinite medical leave earlier this year.
He 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."
Jobs recommended Tim Cook, Apple’s Chief Operating Officer who has been serving as interim CEO in his absence, to take the reins as his successor, adding that he has "has complete confidence that Tim is the right person to be our next CEO".
He also requested to be allowed to continue to be a part of Apple’s foreseeable future as the chairman of the board of directors, which has been granted effective immediately.
The announcement likely draws a veil over what has undoubtedly been one of the most influential careers in the world of business and technology.
News of developments has already caused Apple’s shares to take seven per cent dip in the US, while rivals Samsung and HTC have seen their shares rise three per cent and 2.3 per cent respectively.
It’s unclear whether Jobs, who’s arguably the most recognisable face of the company, will still be able to make appearances at future Apple product launches, including the imminent unveiling of the fifth-generation iPhone.
There can be no doubt, though, that his legacy will be felt for years to come. Not least because for many of his followers, he is not just the man who founded Apple -- he is Apple.