Tim Cook Steps Down as Apple CEO, John Ternus Named Successor
Apple CEO Tim Cook will step down in August and become executive chairman of Apple's board. John Ternus, Apple's senior vice president of hardware engineering, will replace Cook as CEO later this year.
Apple CEO Tim Cook announced Monday he will step down from his role in August, ending a 13-year run leading the world's most valuable tech company. Cook will become executive chairman of Apple's board.
John Ternus, Apple's senior vice president of hardware engineering, will take over as CEO. Ternus is a mechanical engineer who has been key in developing Apple's hardware products.
Cook has led Apple since 2011, when he succeeded company founder Steve Jobs after Jobs' death. Under Cook's leadership, Apple became the first company to reach a $3 trillion market value.
The transition represents Apple's biggest leadership change in over a decade. Ternus has worked at Apple for years overseeing the engineering of iPhones, iPads, and other hardware that generates most of Apple's revenue.
Apple has not announced exactly when in August the transition will happen or provided details about Cook's new role as executive chairman.
This marks the biggest leadership change at Apple since Cook replaced Steve Jobs in 2011. Apple makes the iPhone and other devices used by millions of people worldwide, so new leadership could change the products you buy.
Ternus will officially take over as CEO sometime in August. Apple will likely announce more details about the transition timeline.
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