UPDATE: Confirmed via Apple press release. Jobs has retired as CEO. Tim Cook is CEO of Apple, Inc and has been named to the Board of Directors, effective immediately. Jobs named Chairman of the Board. AAPL stock activity halted in after-hours trading.

UPDATE #2: Read Jobs' Letter of Resignation

From the press release:

Press Release Source: Apple On Wednesday August 24, 2011, 6:35 pm

CUPERTINO, Calif.–(BUSINESS WIRE)– Apple's Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple's Chief Operating Officer, as the company's new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

"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, Chairman of Genentech, on behalf of Apple's Board. "Steve has made countless contributions to Apple's success, and he has attracted and inspired Apple's immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration."

"The Board has complete confidence that Tim is the right person to be our next CEO," added Levinson. "Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."

Reports are just hitting that Steve Jobs has resigned his post as CEO of Apple, Inc. and is recommending COO Tim Cook as his successor.

This story is developing … Updates as we get them