Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a nearly 15-year reign that saw the company’s market value soar by more than $3.6 trillion during an iPhone-fueled era of prosperity.

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.

Cook, who joined Apple in 1998, succeeded Steve Jobs as CEO in 2011 and went on to transform Apple into a $4 trillion powerhouse.

Apple CEO Tim Cook will step down in August and become executive chairman of Apple's board.

Apple CEO Tim Cook says three factors drove his decision to step down: the company's remarkable performance, its roadmap and the readiness of successor John Ternus.

Senior Vice President of Hardware Engineering John Ternus will take over as CEO at the start of September.

Apple said on Monday that John Ternus is succeeding Tim Cook as CEO, with Cook assuming the role of executive chairman on Sept. 1.

Tim Cook, the executive who led Apple to become a $4 trillion company and defined its identity in the post-Steve Jobs era, is stepping down as CEO, Apple said on Monday.