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Apple has announced that its CEO Tim Cook will retire at the end of almost 15 years in the leading position where he transformed the company into a 4 trillion giant. John Ternus, Senior Vice President of Hardware Engineering, another long-time insider at Apple, will become the new CEO effective September 1. To make the handover smooth, Cook will be going to the position of executive chairman.

The shift is a culmination of a period whereby iPhones and services, wearables, and other products experienced massive growth. Ternus, who has been with Apple since 2001 and contributed to such products as the iPad and AirPods, is a highly regarded engineer. As Apple copes with AI, new hardware, and international challenges with new leadership, investors and analysts are keeping a close eye. This is an intended succession that would indicate stability to the tech giant.