""It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said in a statement."
""I am profoundly grateful for this opportunity to carry Apple's mission forward," Ternus said in a statement."
Tim Cook will step down as CEO of Apple on September 1, transitioning to the role of executive chairman. John Ternus, head of hardware engineering, will take over as CEO. Cook's leadership saw Apple's market value rise by over $3.6 trillion. Ternus has been with Apple for 25 years and is well-positioned to lead the company. The transition occurs during a critical time for Apple, as it faces challenges in artificial intelligence development.
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