Shares of the Cupertino, Calif. computer giant were up nearly 1% to $439.71.
Schiller, who began his career with the iconic company in 1987, will become an "Apple Fellow" and continue to lead the App Store and company events, Apple said in a statement. He recently led the effort to plan and execute Apple’s first-ever virtual Worldwide Developers Conference.
"I first started at Apple when I was 27," Schiller said in a statement. "This year I turned 60 and it is time for some planned changes in my life."
Joswiak has been with Apple for more than 20 years and was vice president of worldwide product marketing for the past four years. He has overseen the product management and product marketing for such products as the original iPod and iPhone, Apple said.
“Phil has helped make Apple the company it is today and his contributions are broad, vast, and run deep. In this new role he will continue to provide the incredible thought partnership, and guidance that have defined his decades at Apple,” said Tim Cook, Apple’s CEO.
Cook added that Joswiak's "many years of leadership in the Product Marketing organization make him perfectly suited to this new role and will ensure a seamless transition at a moment when the team is engaged in such important and exciting work."
Apple has seen several executives depart in recent years, including retail chief, Angela Ahrendts, chief design officer Jony Ive, and long-serving head of communications Steve Dowling. Schiller took over Dowling's duties after the executive's departure last year.