Apple names John Ternus as CEO and says Tim Cook will step aside later this year

Apple announced that John Ternus will become CEO effective Sept. 1, and Tim Cook will move to the role of executive chairman, ending his 15-year tenure as CEO.

Apple announced a planned leadership change on Monday, naming John Ternus as its next chief executive officer effective Sept. 1 and saying Tim Cook will become executive chairman later this year. The announcement marks the end of Cook's 15-year run as Apple's CEO. Cook issued a statement expressing gratitude for his time leading the company and praising the team's contributions. John Ternus is currently senior vice president of hardware engineering at Apple. Key details: - John Ternus has been named Apple CEO, effective Sept. 1. - Tim Cook will step aside as CEO and take the role of executive chairman later this year. - The transition ends Cook's 15-year tenure as Apple's chief executive. - Cook released a statement expressing gratitude and praising Apple's team. - John Ternus is senior vice president of hardware engineering. Summary: The change moves day-to-day executive leadership to John Ternus while Tim Cook will remain with Apple as executive chairman. The leadership transition is scheduled to take effect on Sept. 1. Further details about how responsibilities will be divided or other operational changes were not provided.