John Ternus will become Apple’s next CEO, effective on September 1. Cook will be succeeded by senior vice president of hardware engineering John Ternus but will stay on as chairman. Apple stock declined less than 1% in after-market trading following the news. “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.

John Ternus will become Apple’s next CEO, effective on September 1.

Cook will be succeeded by senior vice president of hardware engineering John Ternus but will stay on as chairman.

Apple stock declined less than 1% in after-market trading following the news.

“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.