Tim Cook will step down as Apple’s chief executive on Sept. 1. Cook, who took over from Steve Jobs in 2011, led the company for about 15 years and grew Apple’s corporate value from $350 billion to about $4 trillion, while expanding beyond the iPhone into wearables, payments, streaming and augmented reality. He cited the 2012 launch of Apple Maps as his biggest mistake and named the Apple Watch as his proudest achievement.

Apple will replace Tim Cook as CEO on Sept. 1, appointing Senior Vice President of Hardware Engineering John Ternus. Cook will become chairman. The shift marks Apple’s second leadership change since Steve Jobs. The company faces pressure to reset its AI strategy, legal challenges over the App Store and antitrust cases, and ongoing geopolitical risks tied to supply-chain dependence on China. Analysts also point to opportunities in AI-focused devices and new hardware.