Steve Jobs has resigned as Apple Inc. Chief Executive on Wednesday citing that he can no longer meet his duties and expectations to the company.

Jobs who has pushed Apple to become the U.S. biggest tech company will be replaced by Tim Cook, the company's Chief Operating Officer who has been standing in for Jobs during his sick leave.

Apple shares fell seven percent in after-hours trading.

Jobs who had survived pancreatic cancer has been on medical leave since Jan. 17. In his resignation letter to Apple below he said:

To the Apple Board of Directors and the Apple Community:

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.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

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.

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.

Steve

Although Jobs has been the face of Apple with his trademark black turtleneck the company remains as a leader in the field with the iPad, iPhone and Mac line of devices.

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," Apple board member Art Levinson said.

"The board has complete confidence that Tim is the right person to be our next CEO."

Other industry experts have also weighed in on Jobs' replacement and believes that the new CEO will replace the innovative genius who founded Apple.

"Jobs has been a strong figure in the company historically, but he hasn't been a driving force for the past two years," Daniel Genter, who oversees about $3.7 billion as president of Los Angeles-based RNC Genter Capital Management, told Bloomberg.

"It brings clarity, he will continue as a capable board member and it creates a transparent succession plan."

Cook, who has been with Apple since 1998, has stood in for Jobs on multiple occasions and has helped turn the company into a billion dollar entity. It still remains to be seen if he can fill the void Jobs left.