Apple on Monday named insider John Ternus as its next CEO, tasking the longtime hardware chief with steering the company after Tim Cook, as the iPhone maker gears up for an industry shift spurred by artificial intelligence.

Cook, who has led Apple since 2011, will become the company's executive chairman, Apple said in a statement, adding that the transition was approved unanimously by the company's board of directors.

“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,” said Cook.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor."

Cook stepped in as Apple CEO in 2011 following founder Steve Jobs' resignation, tasked with transforming a company focused on innovation into a worldwide technology giant.

Under his guidance, the iPhone became one of the best-selling phones of all time, with more than 2,2 billion phones sold since 2015, while he also shifted the company towards its signature cybersecurity focus.

His leadership was marked by a focus on security, local US manufacturing, and environmental preservation, while many analysts also noted that he shifted the company's policy from Jobs' micromanagement to a more liberal workstyle.

"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,” Cook said about the future of Apple.

"I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. 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,” Ternus added.