For the last 18 years, Cohen has helped steer the Philadelphia-based company, but at the end of the year, he'll begin transitioning away from his operational roles, according to a memo released Thursday morning.
He will remain senior executive vice president next year, as his responsibilities shift to others at the company. After 2020 he says he plans to become senior counselor to the CEO.
He adds he's excited about this next chapter of his career and is looking forward to dedicating more of his time to the civic and charitable activities he's been involved with.
Cohen has long been a staunch and outspoken Democrat, even hosting fundraisers for Democratic presidential candidate Joe Biden.