Svmuu News Apple announced that John Ternus will succeed Tim Cook as CEO on September 1, with Cook transitioning to the role of Executive Chairman. Senior Vice President of Hardware Engineering Ternus will join Apple's board upon becoming CEO. Apple's non-executive chairman Art Levinson will become lead independent director on the same day.
Apple stated in a press release: "Cook will continue as CEO throughout the summer, working closely with Ternus to ensure a smooth transition." This marks Apple's first CEO transition since Cook succeeded Steve Jobs in 2011, shortly before Jobs' passing. Under Cook's leadership, Apple's market value has grown approximately 24-fold, reaching $4 trillion at Monday's close.