Apple revealed Monday that Tim Cook will step down as CEO in September, to be replaced by current Senior Vice President of Hardware Engineering, John Ternus.
Change at the Helm of Apple
Apple announced a change in leadership, with Tim Cook preparing to relinquish his role as CEO. Cook has held the position since the death of Steve Jobs.
Tim Cook’s Transition
Tim Cook will not be CEO of Apple as of September, the company announced Monday. He will work closely with his successor, John Ternus, to ensure a smooth transition of responsibilities.
Cook will remain with the company as Chairman of the Board.
First CEO Change Since 2011
This marks the first change in Apple’s CEO position since 2011, when Cook succeeded Steve Jobs.
John Ternus’s Appointment
John Ternus, who joined Apple in 2001, will become the eighth CEO in the company’s history. Apple is a member of the Big Tech group, comprising the five largest American technology firms.
The company’s market capitalization is valued at approximately $4 trillion.
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