The most closely watch succession plan in Silicon Valley history was activated today. Steve Jobs has resigned as CEO of Apple but has been elected chairman. Chief Operating Officer Tim Cook has been promoted into Apple's CEO slot. Apple's board announced the news today. While The VAR Guy isn't shocked by the news, Jobs' decision to give up the CEO title will surely rock Apple's stock when U.S. markets open on August 25. Still, let's not forget: All of Apple's fundamentals remain rock-solid.

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. 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.”
Jobs' letter of resignation stated:
"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 "
The VAR Guy will be back with additional insights soon. Updated, Aug. 24, 9:59 p.m. eastern: Here's a closer look at new Apple CEO Tim Cook.