Tim Cook to step down as Apple CEO after 15 years

In a major leadership shift, Tim Cook will step down as CEO of Apple, handing the reins to John Ternus, the company’s current senior vice president of hardware engineering, on September 1, the company announced yesterday.

Cook, who has led Apple since 2011 after Steve Jobs resigned, will move into the role of executive chairman. In this position, he will continue advising the company and engaging with global policymakers.

Ternus, 50, will also join the company’s board. Meanwhile, Johny Srouji will take on an expanded role as chief hardware officer. 

During Cook’s tenure, Apple launched products such as the Apple Watch and AirPods, while expanding services like Apple Music and Apple TV.

Under his leadership, the tech giant’s market value surged more than 20 times to around $4 trillion, and annual revenue climbed above $400 billion.