Tim Cook to step down as Apple CEO, John Ternus to take over

Apple on Monday announced that Tim Cook will step down as the tech giant's chief executive officer in September this year, handing the top job to company veteran John Ternus. The announcement answers long-simmering questions about a successor for 65-year-old Cook, who said he will become executive chairman of the board when he cedes Apple's CEO position.
Cook joined Apple in 1998, rising through the ranks and helping drive its success as chief operating officer coordinating the iPhone maker's complex supply chain. He became chief executive in 2011 after its iconic co-founder and leader Steve Jobs left due to health issues. Cook is credited with expanding Apple's product line and ramping up the company's value to some $4 trillion based on the value of its shares.
"Tim's unprecedented and outstanding leadership has transformed Apple into the world's best company," outgoing chairman of the board Arthur Levinson said in the statement. Levinson currently holds the board chairmanship in a non-executive role. He will become the board's lead independent director.
Ternus joined Apple's product design team in 2001 and became a senior vice president of hardware engineering over the course of the following two decades. He is credited by Apple with playing roles in an array of products including iPhones, iPads, Apple Watch, and Mac computers.