Apple CEO Tim Cook will relinquish his role on September 1st, following a period of nearly 15 years at the company. He will hand the reins to hardware chief John Ternus and transition into the role of executive chairman.

Apple CEO Tim Cook will step down on Sept. 1 after nearly 15 years leading the iPhone maker, handing the role to hardware chief John Ternus. Cook, 65, will become executive chairman. Under his tenure, Apple’s market value rose by more than $3.6 trillion, marking a period of sustained growth.