Tim Cook stepping down as Apple CEO

Apple announced that Tim Cook will step down as CEO and John Ternus, senior vice president of Hardware Engineering, will take his place in an April 20 news release, USA Today reported.

Cook will remain CEO until Sept. 1, when Ternus takes over, according to the release. The company called the change in leadership the result of "a thoughtful, long-term succession planning process."

He will become the executive chairman of the company's board of directors when the change, which received unanimous approval from Apple's board, takes place.

"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 the release.

Cook became CEO of the tech giant in 2011 and oversaw the growth of the company into a multibillion-dollar stalwart with forays into wearable tech and artificial intelligence.

Ternus, who joined Apple in 2001, has recently overseen the company's hardware engineering efforts and 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 described Ternus as having "the mind of an engineer" and "the soul of an innovator."