Tim Cook has formally announced that he will be stepping down from the role of chief executive at Apple. He shared a detailed internal memo with employees to share details about his decision and the company’s next leadership phase. After 15 years on duty, Cook confirmed that he will move into the position of executive chairman, with John Ternus set to take over as CEO later this year.

Survey Thank you for completing the survey! He shared an emotional message in the memo talking about the moment he stepped into the CEO role in 2011 at the request of Steve Jobs. He described it as an emotional and demanding time for the company.

He also mentioned that the responsibility came with uncertainty, but also with a strong belief in Apple’s core values- principles he said have remained unchanged over the years. Cook also stated that Apple identity has been simplicity, meaningful innovation and a relentless pursuit of excellence. He also stated the company’s commitment to make products that make a difference in people’s lives.

Talking about leadership change, Cook also expressed confidence in John Ternus, calling him a leader with strong vision, integrity and deep connection to the company’s culture. He indicated that Ternus has long been considered a natural successor and is well positioned to lead Apple into its next phase of innovation. In his memo, Cook also mentioned that the move is not a complete departure.

He will continue as executive chairman through the summer and work closely with Ternus during the transition period. In his new role as executive chairman, he plans to remain actively involved in key areas and provide guidance where needed. The memo also included a note of appreciation for Apple’s employees.

Cook thanked teams across the company for their contribution, stating that Apple’s success has always been a collective effort and expressing optimism about what lies ahead. Here is the Full Text Memo shared by Apple CEO Tim Cook: Team,Fifteen years ago, my friend and mentor Steve Jobs asked me to step into the role of CEO. It was an emotional and challenging moment for all of us at Apple, and I hoped I’d be up for the awesome responsibility I was taking on.I knew then what I know now: that there are certain values embedded in Apple that are bigger than any of us; a belief in the simple, not the complex; a determination to innovate with a focus on those few things that are truly important to the world and meaningful to us; an impatience for anything less than excellence in every group in the company; a commitment to enriching the lives of those we have a privilege to touch with our work; and a resolve to do all that we can to leave the world better than we found it.

Those were the values that made Apple what it was then, and I am proud to say that they are the ideals that animate each of us today.Today, we have a truly extraordinary road map, and I have never been more optimistic about Apple’s future. That is why I have decided that now is the right time for me to transition to a new role of executive chairman. And I am thrilled to announce that John Ternus will be our new CEO.Throughout the many years I’ve worked with him, and our many conversations about his becoming Apple’s next CEO, John’s passion and love for Apple shine through.

He is a visionary in his own right, a man of remarkable integrity, and the kind of person we can all be proud to follow. John is the right leader to help us innovate into the future, to help us break new ground on big ideas and bold new pathways, and to ensure that the values that have made us so successful and so admired for the past 50 years will remain the core of our identity and our culture in the decades to come.For my part, I will remain CEO through the summer and work very closely with John as we transition roles. In my new role as executive chairman, I plan to support John and Apple in a number of key areas and to be available to offer my experience whenever and wherever it is needed.I want to offer my profound gratitude to the best executive team on the planet for your friendship and your brilliance over the years.

And I want all of you, every member of the Apple team, to know how much it has meant to me to work with you. You are the most remarkable people in the world, and it’s because of you that Apple is such a special place. What we built, we built together, and you are why I am incredibly optimistic about the future.

I know you will join me in congratulating John as we write this next chapter of Apple’s story.We’ll be hosting a town hall tomorrow in the Steve Jobs Theater at 9 a.m. to talk about this and more. I’m looking forward to it.With gratitude,Tim