Well its finally happened! Steve Jobs has finally resigned after being on leave since January due to health reasons. Wednesday brought about a 14 year reign of the technology giant. As expected Apple stock dropped with 7 percent when the industry icon declared that he would be replaced by Chief Operating Officer, Tim Cook and Jobs will serve as chairman.

Analysts say that this news might have an impact on the Apple’s product launch road map and the upcoming iPhone but how severe is yet to be seen.

Here’s what Steve Jobs said in a statement:

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