Apple chief executive Tim Cook will step down to be replaced by John Ternus, the company said in a statement.
Mr Cook, who has led Apple since 2011, will step down on September first and take up the role of executive chairman, the company said.
“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," he said in a statement.
Mr Cook joined Apple in 1998, and oversaw the introduction of numerous products and services over his 15 years as chief executive, including new categories such as Apple Watch and AirPods, as well as services such as iCloud, Apple Pay and Apple TV.
"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," Mr Cook said.
Under his leadership, Apple's growth has exploded, growing from a market capitalisation of about $350 billion to $4 trillion.
The company celebrated its 50th anniversary on April 1.
Who is John Ternus?
Mr Ternus is Apple's senior vice president of hardware engineering and will be charged with steering the company as it looks for an industry edge amid the artificial intelligence boom.
Throughout his time at Apple, he has overseen work on products including iPads and AirPods, and several generations of products across Mac, Apple Watch and iPhone.
According to his Apple biography, before coming to work with the tech company, Mr Ternus worked as a mechanical engineer at Virtual Research Systems. He has a bachelor’s degree in mechanical engineering from the University of Pennsylvania.
Mr Cook described Mr Ternus as a "visionary" who has "the mind of an engineer, the soul of an innovator and the heart to lead with integrity and with honour".
"I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman," he added.
Mr Ternus expressed gratitude for the new opportunity.
“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor," he said.
