Have we reached an end of an era. Wednesday saw Steve Jobs co-founder and two-time CEO of Apple, offer his resignation to the company’s board. After some time of enduring serious health issues and taking extended medical leave earlier in the year, the announcement is probably not a surprise, but is without doubt a massive move for the company.

“I believe Apple’s brightest and most innovative days are ahead of it,” Jobs wrote. “I look forward to watching and contributing to its success in a new role.”

Apple stock was down 7% in after-hours trading, but rallied and was down just 5% by 7:50pm ET — suggesting Apple’s succession plan had calmed the markets.