Tim Cook will serve as CEO of Apple resign. This ends his almost 15-year term in office after Cook took over the position of the co-founder, who died in 2011 Steve Jobs had taken over. The company’s market value increased by more than $3.6 trillion during that period during a period of success fueled by the iPhone.

The 65-year-old will hand over leadership to Apple’s hardware development boss John Ternus on September 1st, but will remain as chairman of the board of directors for the Cupertino, California-based company. This is similar to Jeff Bezos’ transitions at Amazon and Reed Hastings on Netflix after the end of her successful tenure as CEO.

Although he could never quite shake the impression that he lacked Jobs’ visionary power, Cook capitalized on the popularity of the iPhone and other innovations pioneered by his predecessor Apple to heights that seemed unimaginable when the company was on the verge of bankruptcy in the mid-1990s.