Tim Cook will step down as Chief Executive Officer of Apple Inc. and take over as executive chairman of the company's board, with John Ternus set to become the new CEO from September 1, the company announced on Monday.

As reported by news agency ANI, the decision was approved by Apple's Board of Directors as part of a long-planned leadership transition. The board, however, decided that Tim Cook will continue as CEO through the summer and work closely with Ternus to ensure a smooth handover.