Apple CEO Tim Cook is stepping down, with the company announcing on Monday that John Ternus will take his place as the head of the technology giant.

Cook will become the executive chairman of Apple’s board of directors, the company said. Ternus will officially become CEO on Sept. 1.

“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 a statement on Monday.

“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,” Cook added.

Cook has served as ​Apple’s CEO ​since ⁠2011. The company said that under his leadership, Apple has grown from a market capitalization of approximately $350 billion to $4 trillion.

Ternus has worked at Apple since 2001 and became a vice president of Hardware Engineering in 2013, according to the company. He has worked on several product lines, including the iPad, AirPods, and Apple Watch.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said. He worked under Steve Jobs and referred to Cook as his mentor.

“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,” he said.

Last month, Cook sat down with “Good Morning America” co-anchor Michael Strahan ahead of the company’s milestone 50th anniversary.

“What a reflection,” Cook said of Apple’s longevity.

When asked about Apple’s biggest contributions over the past five decades, Cook pointed to innovation across industries.

“You know, you can focus on the product moments, reinventing music, reinventing the smartphone, bringing the creative arts to the table, the creative graphics. Saving people’s lives with the watch,” he said.

At the time, Cook dismissed speculation about stepping down, noting, “I love what I do deeply.”

“Twenty-eight years ago, I walked into Apple and I’ve loved every day of it since,” he said. “We’ve had ups and downs, but the people I work with are so amazing. They bring out the best in me. And hopefully, I can bring out the best in them. And Michael, I can’t imagine life without Apple.”