Apple announced late Monday that Tim Cook, the company’s CEO since 2011, is stepping down Sept. 1 to be replaced by current senior vice president of hardware engineering, John Ternus. Cook will become executive chairman of the board. Cook, who is 65, will continue as CEO until the end of August to assist in the transition, which, Apple said, came after a “thoughtful, long-term succession planning process.” “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, Cook said In the announcement about the changes. “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.” John Ternus will succeed Tim Cook as Apple CEO in September. Apple He also sang his successor’s praises: “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. 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. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.” Current board non-executive chairman Arthur Levinson, who has held the post for 15 years, will become Apple’s lead independent director on Sept. 1. When he assumes his new role, Ternus will join the board. Apple also announced that Ternus’s job will be filled by Johny Srouji , effective immediately. “Johny is one of the most talented people I have ever had the privilege to work with,” Cook said about that change. “He has played a singular role in driving Apple’s silicon strategy, and his influence has been felt deeply not just inside the company, but across the industry. He has always led his organization with remarkable deftness and judgment, and time and again, his team has delivered breakthrough innovations that have transformed our products. We are incredibly fortunate to have him as Apple’s chief hardware officer.”