Apple announced in a press release on Wednesday that Steve Jobs is stepping down as the company's CEO. At his own request, Jobs will stay on as Chairman of the Board, and former chief operating officer Tim Cook will be taking his place. "I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's C.E.O., I would be the first to let you know. That day has come," wrote Jobs in his resignation letter. "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's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," said Art Levinson on behalf of Apple's Board. "In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

The scoop was characteristically well-guarded, but the announcement was not entirely unexpected. Though Wall Street put a hold on Apple stock just moments before the news, Apple stock sunk nearly 7 percent in after hours trading in the span of about half an hour. The media, meanwhile, immediately posted reactions--many of them cobbled together from earlier this year when Steve Jobs announced he was taking an indefinite medical leave of absence.

Read the full story at The Atlantic Wire.