Apple announced that Tim Cook will step down as the tech giant’s chief executive officer in September, handing the top job to company veteran John Ternus.

The announcement answers long-simmering questions about a successor for 65-year-old Cook, who said he will become executive chairman of the board when he cedes Apple’s CEO position.

“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.

Cook joined Apple in 1998, rising through the ranks and helping drive its success as chief operating officer coordinating the iPhone maker’s complex supply chain.

He became chief executive in 2011 after its iconic co-founder and leader Steve Jobs left due to health issues.

While in position Tim Cook is credited with expanding Apple’s product line and ramping up the company’s value to $4 trillion based on the value of its shares market.

Cook joined the company in 1998 and became CEO in 2011. He has overseen the introduction of numbers of products and services that include new categories like Apple Watch, AirPods, Apple Vision Pro and services ranging from iCloud and Apple Pay to Apple TV and Apple Music and much more.

Under Cook’s leadership, The company has grown from a market capitalization of approximately $350 billion to $4 trillion, representing a more than 1,000 percent increase and yearly revenue has nearly quadrupled from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.