Nigeria, April 21 -- The decision, approved unanimously by the board, follows what the company described as a "long-term succession planning process." Cook will remain CEO through the summer and work closely with Ternus to ensure a smooth handover.

In a statement released from Apple's headquarters in California, Cook said leading the company had been "the greatest privilege of my life," adding:

"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor... I could not be more confident in his abilities and his character."

Ternus, who has spent nearly his entire career at Apple since joining in 2001, acknowledged the weight of the role.

"I am profoundly grateful for this oppo...