Cupertino, CA (WIBX) - Apple's CEO is stepping down, permanently. Steve Jobs, who's experienced serious health problems over the last few years, including a battle with pancreatic cancer and a liver transplant, says the time has come to step aside. However, the 56-year-old says he still wants to stay on with the company, as the  Chairman of the Board.

Apple reports Tim Cook will be the new Chief Executive Officer.

At yesterday's market close, Apple stock ended at $376.16 per share.