John Ternus, who is currently Apple's head of hardware development, will take over as CEO on September 1, several media outlets reported.
"Cook will continue in the CEO role through the summer and work closely with Ternus to ensure a smooth transition," Apple wrote in a press release.
Cook, who joined Apple in 1998, has served as CEO since 2011, when he took over from Steve Jobs.
"It has been the greatest privilege of my life to be CEO of Apple and to be entrusted with leading such an extraordinary company," Cook said in the press release.
Shortly after the announcement of the CEO change, Apple shares fell 0.9 percent in after-hours trading on the New York Stock Exchange.
