San Francisco, California - Apple on Monday announced that Tim Cook will step down in September, handing the chief executive job to company veteran John Ternus.

The announcement answers long-simmering questions about who would succeed Cook (65) and comes as Apple strives to show it is not being left behind in the age of artificial intelligence.

"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," Cook said in a release.

"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."

He went on to praise Ternus as a "visionary" with contributions to the tech giant that are "already too numerous to count".

Cook began working at Apple in 1998 and took over as CEO in 2011 when co-founder Steve Jobs resigned shortly before his death from cancer that October.

In his statement, Ternus said he was "lucky" to have had the chance to work under both Jobs and Cook, adding, "I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century."