SAN FRANCISCO -- Apple said Monday that CEO Tim Cook will become executive chairman of the company's board of directors, while John Ternus, Apple's senior vice-president of hardware engineering, will become the company's next CEO effective Sept 1, 2026.

The company said the leadership transition was unanimously approved by its board of directors and followed a long-term succession planning process. Cook will remain CEO through the summer and work closely with Ternus to ensure a smooth handover, according to Apple.

In a statement released by the company, Cook said it had been "the greatest privilege" of his life to be Apple's CEO, and described Ternus as "without question the right person to lead Apple into the future." Ternus said he was "profoundly grateful" for the opportunity to carry Apple's mission forward.

Cook joined Apple in 1998 and became CEO in 2011. Apple said that under his leadership, the company's market capitalization rose from about $350 billion to $4 trillion, while annual revenue increased from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025.

Ternus joined Apple's product design team in 2001, became vice-president of hardware engineering in 2013, and joined the executive team in 2021 as senior vice-president of hardware engineering, according to the company.