Apple has announced a major leadership transition, with Tim Cook stepping down as Chief Executive Officer after more than a decade at the helm of the technology giant.

Cook, who has led the company since 2011 following the passing of co-founder Steve Jobs, will transition to the role of Executive Chairman.

The change, set to take effect on September 1, will see John Ternus, Apple’s Senior Vice President of Hardware Engineering, assume a top leadership position while also joining the company’s board of directors.

Meanwhile, Arthur Levinson, who has served as non-executive chairman for 15 years, will take on the role of Lead Independent Director.

Cook’s departure as CEO marks the end of one of the most influential leadership tenures in corporate history.

He took charge during a period of uncertainty following Jobs’ death and went on to transform Apple into a $4 trillion company, more than doubling its annual revenue during his time in office.

In a statement, Cook described his time as CEO as “the greatest privilege” of his life, expressing gratitude to Apple’s workforce for their innovation and commitment to improving customers’ lives.

Cook originally joined Apple in 1998 to streamline its struggling supply chain, bringing experience from previous roles at IBM, Intelligent Electronics, and Compaq.

Though initially seen as an unlikely successor to Jobs, he proved instrumental in stabilizing and expanding the company’s operations.

Under his leadership, Apple diversified its revenue streams, notably growing its services division into a business generating over $100 billion annually.

He also oversaw the expansion of the company’s wearables segment, including the Apple Watch, which now dominates the global smartwatch market.

Despite notable successes, Cook’s tenure also saw challenges, including mixed reception to newer products such as the Vision Pro headset.

His successor, John Ternus, has spent most of his career at Apple, joining the company’s product design team in 2001.

Over the years, he rose through the ranks, becoming Vice President of Hardware Engineering in 2013 and later Senior Vice President in 2021.

He has played a key role in the development of major Apple products, including the iPhone, Mac, iPad, and AirPods.

Ternus is also credited with advancing Apple’s sustainability efforts and improving product durability and repairability through innovative materials and manufacturing processes.

In his remarks, Ternus expressed humility at stepping into the new role, pledging to uphold the company’s long-standing values and vision.

Apple’s board praised Cook’s leadership as “unprecedented and outstanding,” noting that his influence will continue in his new capacity as Executive Chairman.