Tim Cook is stepping down.

On Monday (April 20), Apple announced that Tim, 65, is stepping down as CEO of the company and John Ternus, a senior vice president of hardware engineering, has been named his successor.

Keep reading to find out more…“Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition,” Apple said in a press release, per CNBC.

John, 51, will officially take over as CEO on September 1. He will also join Apple’s board of directors when he becomes chief. Apple’s non-executive chairman Arthur Levinson will become the iPhone-maker’s lead independent director on that date.

Tim isn’t leaving Apple completely – he will be assuming the role of executive chairman in September.

This marks the first CEO transition for Apple since Tim succeeded the late Steve Jobs in 2011, shortly before his death. John will become Apple’s eighth CEO.

“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,” Tim said in a statement. “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.”

Earlier this month, Tim Cook was one of the many stars spotted in the audience at Justin Bieber‘s Coachella performance.