Cook has already been in charge of the day-to-day business of Apple for several months now, and in a letter addressed "to the Apple Board of Directors and the Apple Community," Jobs acknowledged that it was time for him to step aside. "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."

For months, Apple has refused to reveal a succession plan for when Jobs chose to retire, at their annual investors meeting calling for a public plan. Instead, in a press release Apple revealed that Jobs was elected as Chairman of the Board while Cook was elected CEO and appointed to the company's Board of Directors. The Board of Directors' quick movement to appoint a successor and their retention of Jobs' as Chairman are likely moves to reassure investors who are worried about the company's future without their iconic CEO.

"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," Jobs wrote in his farewell as CEO. "I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you."

This article originally appeared on GamePro.com as