Tim Cook to step down as Apple CEO, John Ternus to take over in September

While Cook is stepping down from the key role he will still be part of Apple as executive chairman. In his memo sent to employees announcing the move, Cook said he felt it was the “right time” to make the transition.

Tim Cook joined Apple in 1998 and became CEO in 2011, holding the key post for over 15 years. His transition to the role of an executive chairman is similar to moves made by Amazon’s Jeff Bezos and Netflix’s Reed Hastings after they ended their tenures 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," 65-year-old Tim Cook reportedly said in a statement. “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.”