Apple announced that CEO Tim Cook will step down from his position this September and will be replaced by John Ternus, the company's current head of hardware engineering.

Cook, who has led Apple since August 2011 following the death of co-founder Steve Jobs, will transition out of the chief executive role after more than a decade at the helm. During his tenure, Cook oversaw the launch of major product lines including the Apple Watch, AirPods, and various iterations of the iPhone and iPad.

Ternus, who will assume the CEO position, currently serves as Apple's senior vice president of hardware engineering. He has been with the company for over two decades and has played a key role in developing many of Apple's flagship products. His background in hardware engineering represents a shift from Cook's operations-focused leadership style.

The leadership transition comes at a time when Apple continues to be one of the world's most valuable companies, though it faces ongoing challenges including increased regulatory scrutiny and intensifying competition in key markets like smartphones and tablets.

Apple's board of directors has approved the transition, though the company has not yet announced specific details about the timeline or Cook's future role, if any, within the organization.