Apple (AAPL) said late Monday that Tim Cook will become executive chairman after a nearly 15-year stint as chief executive officer, effective Sept 1.
Cook will pass the baton to John Ternus as CEO, currently senior vice president of Hardware Engineering at the tech giant, and will oversee the leadership transition through the summer.
Ternus, who has been with the iPhone maker for 25 years, has led hardware engineering work on various Apple products, including the introduction of new product lines such as the iPad and AirPods.
Arthur Levinson, non-executive chairman for the past 15 years, will take on the role of lead independent director on September 1.
Additionally, Johny Srouji has been named as chief hardware officer, effective immediately. Srouji will take on the expanded role of leading Hardware Engineering following Ternus's promotion, along with supervising the hardware technologies organization.
Shares of Apple were down around 0.78% in recent after-hours trading.
