Lates News

Apple (AAPL.O) announced on Monday that John Ternus will take over as CEO from Tim Cook on September 1, while Cook will transition to the role of Executive Chairman. Ternus, who currently serves as Senior Vice President of Hardware Engineering, will also join Apple's board of directors upon becoming CEO. Apple's non-executive chairman, Art Levinson, will become the lead independent director on the same day. In a press release, Apple stated, "Cook will continue to serve as CEO throughout the summer and work closely with Ternus to ensure a smooth transition." This marks the first CEO transition at Apple since Cook took over from Steve Jobs in 2011, shortly before Jobs passed away. Under Cook's leadership, Apple's market value has grown approximately 24 times, reaching $4 trillion at Monday's close.