John Ternus, the Apple’s former senior vice president of hardware engineering, was named the tech company’s new CEO effective Tuesday. After 15 years at the helm, Tim Cook has stepped down as head of the computer company.

Ternus, who first joined Apple in 2001 on the product design team, takes over a company currently valued at $4.6 trillion. Following news of the succession, Apple’s stock rallied nearly 3 percent as of Tuesday afternoon.

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Cook succeeded Steve Jobs, Apple’s founder, in August of 2011. During Cook’s time in charge, Apple’s stock grew from $13 a share to more than $320, nearly 2,300 percent. Cook’s tenure also brought a restructuring of leadership around a team of executives that made collective decisions and built products through collaboration, as opposed to Jobs’s top-down management.

Ternus’s first public-facing appearance as CEO is scheduled for Apple’s annual product launch event on September 9.