Apple CEO Tim Cook will step down after helming the tech giant for roughly 15 years, the company announced Monday.
Cook will take on a new role as the executive chairman of the board of directors for Apple in September, and John Ternus will become the company's new chief executive officer.
Ternus, senior vice president of hardware engineering, will work with Cook over the summer to transition into the role. In a statement released by Apple, Cook said serving as the CEO of the company had been "the greatest privilege of my life."
"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," Cook said.
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Cook succeeded Steve Jobs as Apple CEO in 2011 and is known for overseeing significant annual revenue growth and expanding the company's product line. Under Cook's leadership, Apple launched the Apple Watch and AirPods, along with numerous versions of the iPhone, MacBook and iPad. The company has also made forays into Apple Music and Apple Pay and invested in acquisitions like Beats Electronics.
During Cook's tenure, Apple's market capitalization increased from roughly $350 billion to $4 trillion, the company said Monday.
Cook has also faced scrutiny and criticism for his ties to President Donald Trump. Trump famously referred to Cook as "Tim Apple" during a White House meeting in 2019, and the tech leader was among the many business executives who cozied up to the president in both his first and second terms .
Cook was blasted last year for giving the president a glass plaque with a 24-karat gold base, and has been criticized for failing to speak out earlier on issues , such as Trump's harsh immigration enforcement policies .
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Cook, who was one of the first Fortune 500 executives to speak openly about being gay, has previously stood with DACA recipients and raised concerns about state laws that curtail LGBTQ rights. In February , he told Apple employees that he was "deeply distraught" with the U.S. approach to immigration and would continue to lobby lawmakers on the issue.
"What I do is I interact on policy, not politics," Cook said in March amid critiques of his relationship with Trump. "I'm not a political person on either side. I'm not political, and so I'm kind of straight down the middle."
Cook lauded Ternus's achievements in Apple's announcement this week.
"He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future," Cook said.
