Tim Cook is stepping down from his role as CEO of Apple.
In a letter posted publicly on Monday, Cook said Apple will have a new leader starting in September.
"I will be transitioning into a new role, leaving the CEO job behind in September and becoming Apple's executive chairman," Cook, 65, said.
Cook added the company's new CEO will be John Ternus, an engineer who has been with Apple for 25 years. According to Apple's web site, Ternus has overseen hardware engineering on several of its products, including iPads and AirPods, Macs, the Apple Watch, and the iPhone.
Cook was the 1st CEO of a Fortune 500 company to publicly come out as gay
Cook inherited the top job from Apple's visionary cofounder Steve Jobs. In many ways Cook was the opposite of Jobs' charismatic leadership style, carving instead a reputation for himself as a calm and mild-mannered leader.
During his term as CEO, Apple dominated the global smartphone market with its iPhone and the company's value skyrocketed to around $4 trillion today.
Cook was also the first CEO of a Fortune 500 company who publicly came out as gay in a personal essay in 2014. It was widely hailed as a welcome moment for such a prominent CEO to lend his voice and be a "role model" for LGBTQ youth.
In his letter to the Apple community on Monday, Cook wrote in personal terms about his time at Apple and how much he cherished starting every morning of his last 15 years by opening his email to read notes from Apple users about how the company's products had touched their lives — from the "perfect selfie you captured at the summit of a mountain that seemed impossible to climb" to the mom "saved by her Apple Watch."
He said he felt gratitude to be "the leader of a company that ignites imaginations and enriches lives in such profound ways it defies description."
Cook's transition comes a time of great upheaval for the tech industry caused by the artificial intelligence revolution. Apple hasn't been a leader in this area. Earlier this year, Apple turned to Google's AI prowess to power its products including iPhone's virtual assistant Siri.
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