Tim Cook Steps Down as Apple CEO, John Ternus Takes Over September 1

Apple announced Monday that Tim Cook will end his 15-year run as CEO on September 1, handing the reins to John Ternus, the company's hardware engineering chief.

Cook, 65, transformed Apple from a computer company into the world's most valuable corporation during his tenure. He took over from Apple founder Steve Jobs in 2011 and led the company through the launch of the Apple Watch, AirPods, and multiple iPhone generations.

Ternus has worked at Apple for over a decade, overseeing the development of the company's Mac computers, iPad tablets, and other hardware products. As head of hardware engineering, he played a key role in Apple's recent transition to its own computer chips.

Cook won't leave Apple entirely. He'll become executive chairman of Apple's board, though he won't run day-to-day operations anymore. This type of transition lets companies keep experienced leaders involved while bringing in new leadership.

The leadership change comes as Apple faces increased competition in smartphones and pushes into new areas like electric cars and virtual reality headsets.