Apple CEO Tim Cook will step down from the job effective September 1, 2026. As has long been rumored, Senior Vice President of Hardware Engineering John Ternus will become Apple’s new CEO.

While Cook will no longer serve as CEO, he will remain with the company in a different capacity as executive chairman.

“As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world,” Apple says.

In a statement, Cook offered the usual positive words about his time as CEO:

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.

Ternus added his own statement in the announcement: “I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”