Tim Cook Is Stepping Down as Apple CEO

It's the end of an Apple era ... the company announced Monday that Tim Cook will be stepping down as CEO.

TC will still be involved with the tech giant ... moving into a new role as executive chairman of Apple’s board of directors.

SVP of Hardware Engineering John Ternus will be stepping into Tim's shoes as CEO starting in September.

According to Apple, Steve Jobs' successor will still help with "certain aspects" of Apple as executive chairman ... like "engaging with policymakers around the world."

He'll stay on as CEO through the summer to help John transition into the position ahead of his Sept. 1 start date.

Tim said heading up Apple was the "greatest privilege of my life," reflecting ... "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 raved about John ... calling him a "visionary" and saying he has "the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."

John's worked at Apple under both Steve and Tim and is "filled with optimism" about the promotion, saying ... "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."