Apple is moving to a leadership change, with CEO Tim Cook set to step down from the role on Sept. 1, the company said Monday. Cook will be replaced by senior vice president of hardware engineering John Ternus, while staying on at Apple as chairman.

Ternus, who has overseen Apple’s hardware engineering division, is expected to take over day-to-day leadership of the company following the transition. Cook will remain involved in a reduced capacity as executive chairman after the handover.

The announcement comes as Apple confirmed the succession plan internally and publicly at the same time on Monday, though no additional changes to executive roles were detailed.

“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 has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”
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