Apple CEO Tim Cook will step down from his leadership role on September 1, with long-time hardware engineering executive John Ternus set to become the company's new chief executive.
Key Points
- Tim Cook will transition to the role of executive chairman of Apple’s board of directors.
- John Ternus, who joined Apple in 2001, has served as the vice president of Hardware Engineering since 2013.
- Under Cook’s leadership since 2011, Apple’s market capitalization grew from approximately $350 billion to $4 trillion.
- Ternus has led development for major product lines including the iPad, AirPods, and Apple Watch.
- The leadership transition is scheduled to take effect officially on September 1.