Apple CEO Tim Cook is stepping down, and hardware boss John Ternus will be new CEO

The CEO change at the $4 trillion company was approved unanimously by Apple’s board of directors after a “thoughtful, long-term succession planning process,” the company said. Cook, who turned 65 in November, had been rumored to be nearing retirement but Monday’s announcement came without Apple having previously commented on succession plans.

“Over the coming months I will be transitioning into a new role, leaving the CEO job behind in September and becoming Apple’s executive chairman,” Cook said in a letter to shareholders.

“John cares so much about who we are at Apple, what we do at Apple, who we reach at Apple, and he has the heart and character to lead with extraordinary integrity,” Cook said.

Shares of Apple dipped less than 1% in after hours trading Monday following the news.

The move ends an extraordinary run by Cook, who succeeded Apple’s legendary co-founder Steve Jobs as CEO in 2011, stepping into perhaps the biggest shoes to fill in business history. A skilled operator whose mastery of supply chains helped Apple thrive during the Jobs era, Cook immediately faced questions about whether he had the vision to continue Apple’s track record of innovation.

The iPhone was only a few years old when Cook took the reins and Apple’s $349 billion market cap was a fraction of what it is today. Under Cook, the iPhone has grown to become a $210 billion per year business, generating nearly half of the company’s revenue.

This is a developing story…