Apple announced on Monday that Tim Cook, who has served as Apple’s CEO since 2011, will step down. Cook was the direct successor as Apple CEO after Steve Jobs, who resigned due to health issues.

Cook will remain in his role until September 1 of this year, when Senior Vice President of Hardware Engineering John Ternus will take over as CEO. Cook will then transition to a new role as Apple Executive Chairman.

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said in a statement. “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.”

This story is developing…