Apple Hardware Chief John Ternus to Succeed Tim Cook as CEO

Tim Cook has led Apple for 15 years, during which the company's market value grew about tenfold, profit increased 699% and its global retail network expanded to 540 stores. The succession will shape not only Apple's iPhone product strategy but also its efforts to integrate hardware, AI technology and its Asian supply chain to sustain growth.

Apple has announced that John Ternus, senior vice president of Hardware Engineering, will become CEO on September 1. Cook will move into the role of executive chair, overseeing corporate diplomacy and major relationships. The generational transition will put an executive with an engineering background at the helm as Apple confronts challenges spanning hardware innovation, its AI strategy and supply-chain transformation.