Tim Cook will step down as CEO of Apple, with John Ternus set to succeed him, the company has announced.
Cook, who joined the technology giant in 1998 and has been its CEO for nearly 15 years after succeeding the late Steve Jobs, will now take up the role of executive chairman.
He will remain in his current role until 1 September, when Mr Ternus, the current head of the hardware engineering department, will officially take up the position.
The move comes following months of speculation that Apple was searching for a successor to Mr Cook, with Mr Ternus seen as a likely candidate to take over.
In his new role, Mr Cook will “assist with certain aspects of the company, including engaging with policymakers around the world”, Apple said.
In a statement, Mr Cook said: “It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company.
“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
Mr Cook described his successor as a “visionary” with “the soul of an innovator”.
He added: “He [Ternus] is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character.”
Mr Ternus joined Apple in 2001 and, during his 25 years at the company, has been involved in a number of its major product releases, including the iPad and AirPods, as well as several generations of iPhone, Mac, and Apple Watch.
He referred to Mr Cook as his mentor and said he was “profoundly grateful” for the opportunity to “carry Apple’s mission forward”.
“I am filled with optimism about what we can achieve in the years to come,” he added.
