Apple announced on Monday that after more than a decade as chief executive, Tim Cook will step down in September. He will be succeeded by company veteran John Ternus, currently Apple's senior vice president of hardware engineering.
Ternus has played a key role in reigniting sales of products such as Apple's Mac computers, which have gained market share in recent years.
Cook will become Apple Executive Chairman, staying on to oversee the company's strategy and direction. The move comes as Apple faces mounting pressure to prove it can keep pace in artificial intelligence.
Johny Srouji, who has overseen Apple's custom chip and sensor designs, has been named chief hardware officer.