This is a breaking news story about Apple’s change in leadership. Please check back for updates.

Apple CEO Tim Cook will step down from his role, the tech giant announced on Monday.

The company named John Ternus, currently Apple’s senior vice president of hardware engineering, as Cook’s successor.

“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, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” said Cook.