Tim Cook isn’t sick. He’s not going to another company. He’s just not going to be CEO any longer.

That’s the message from an all-hand meeting with Apple Staff, according to a report from Bloomberg.

According to the report, Cook said, “I’m excited to continue my journey at Apple as executive chairman…I am healthy. My energy is high, and I plan to be in this new role for a long time.”

Cook said he will be there as a sounding board or for advice as needed, but “there can only be one CEO at a time.” So Ternus will be running the show. In his new role as executive chairman, Cook will work more on global relations as Apple faces challenges—legal and otherwise—with world governments, regulatory bodies, suppliers, and more.

While Cook stepping down as CEO was expected, it happened a little earlier than most anticipated. He said the timing was just right for a “best-ever transition” where everything was intersecting: Apple’s business is thriving, the roadmap is great, and Ternus is ready to take on the CEO role.

One wonders if Tim Cook will headline the WWDC keynote on June 8, as he is still the CEO until September 1. Now that Ternus is known to be the incoming CEO, will he take center stage instead? Will Tim Cook use the WWDC keynote to pass the baton very visibly? But what we do know is Cook will be present and looks to remain a figure behind the scenes for some time to come.