Apple has announced that chief executive Tim Cook will stand down from his position in September, ending 15 years in post.

John Ternus, who currently serves as Apple’s head of hardware, will become the company’s third chief executive this century. Cook will remain at the company as executive chair and will work closely with Ternus to ensure a smooth transition.

Cook’s tenure began just prior to the death of chief executive and Apple co-founder Steve Jobs in 2011. Under his control, Apple grew to a $4 trillion company and launched flagship products such as the Apple Watch and AirPods, expanding into previously unexplored markets for the company.

Cook also oversaw significant international expansion for the company and spearheaded its expansion into China. More recently in the US, the chief executive developed a close relationship with the Trump administration and helped the tech industry secure tariff exemptions on phones, computers and chips.

Ternus has spent a quarter century at the company, overseeing the development of many of its most successful products as head of hardware.

Although Apple is currently the third-largest company in the world, and by no means in danger, continued tensions between Beijing and Washington threaten to affect the company if it is unable to gain continued carveouts from the Trump Administration; as much as 80 per cent of iPhones sold in the US are made in China.

“It has been the greatest privilege of my life to be the chief executive of Apple and to have been trusted to lead such an extraordinary company,” Cook said. “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honour. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.”

Apple is trading down 0.44 per cent at time of writing, but has still risen by upwards of 5 per cent in the last five days of trading.

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