Apple announced on Monday that it had named a replacement for Tim Cook as CEO, with head of hardware engineering John Ternus succeeding him on 1 September. Cook will stay at the company in the role of executive chair.

“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. I love Apple with all of my being,” Cook said in a press release.

Cook, who succeeded Apple co-founder Steve Jobs, has been CEO since 2011. He has overseen the global expansion of the company and its steady series of new, updated devices, though never attained the same tech visionary status as Jobs.

Cook’s tenure as CEO has marked a lucrative period of expansion for Apple as it entrenched its products in society and sought out new markets, in particular the iPhone. Apple reported earlier this year it had its best ever quarter for iPhone sales, driven by renewed demand in China. The company’s market capitalization grew from around $350bn at the start of Cook’s time to over $4tn today.