Apple CEO Tim Cook is stepping down, and hardware boss John Ternus will be new CEO

Tim Cook is stepping down as Apple’s Chief Executive after 15 years leading the iconic company, with longtime Apple hardware executive John Ternus taking the reins as new CEO, the company announced on Monday.

The CEO change at the $4 trillion company was approved unanimously by Apple’s board of directors after a “thoughtful, long-term succession planning process,” the company said. Cook turned 65 this year.

“Over the coming months I will be transitioning into a new role, leaving the CEO job behind in September and becoming Apple’s executive chairman,” Cook said in a letter to shareholders.

“John cares so much about who we are at Apple, what we do at Apple, who we reach at Apple, and he has the heart and character to lead with extraordinary integrity,” Cook said.

Shares of Apple dipped less than 1% in after hours trading Monday following the news.

The move ends an extraordinary run by Cook, who succeeded Apple’s legendary co-founder Steve Jobs as CEO in 2011, stepping into perhaps the biggest shoes to fill in business history. A skilled operator whose mastery of supply chains helped Apple thrive during the Jobs era, Cook immediately faced questions about whether he had the vision to continue Apple’s track record of innovation.

This is a developing story…

This story was originally featured on Fortune.com