Apple announced on Monday that it had named a replacement for Tim Cook as CEO, with head of hardware engineering John Ternus succeeding him on 1 September. Cook will stay at the company in the role of executive chair.

“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,” Cook said in a press release.

Cook, who succeeded Apple co-founder Steve Jobs, has been CEO since 2011. He has overseen the global expansion of the company and its steady series of new, updated devices, though never attained the same tech visionary status as Jobs.

Cook’s tenure as CEO has marked a lucrative period of expansion for Apple as it entrenched its products in society and sought out new markets, in particular the iPhone. Apple reported earlier this year it had its best ever quarter for iPhone sales, driven by renewed demand in China. The company’s market capitalization grew from around $350bn at the start of Cook’s time to over $4tn today.

A succession plan for Cook has been in the works since at least last year, according to the New York Times. Ternus, who was viewed as a likely candidate to take over, has been at the company since 2001. In a statement announcing his new role, he touted working under Jobs and described Cook as a mentor.

“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 said.

Ternus will inherit an immensely successful company that nevertheless faces increasing questions over its future. Apple has faced close scrutiny in the past year as investors have questioned how it plans to integrate AI into its products. The company has not been as prominent a player in the AI boom as some of its competitors, choosing to sometimes integrate third party AI tools into its products such as Siri. Though its core businesses of phone and computer sales remain strong, its new products like the Vision Pro have failed to inspire consumer demand.

More details soon …