Apple names John Ternus CEO, replacing Tim Cook, who becomes chairman

In a significant leadership change at Apple, the tech giant announced on Monday that John Ternus will take over as CEO, succeeding Tim Cook who will transition to the role of executive chairman starting September 1. Ternus, who has held the position of senior vice president of hardware engineering, is set to join Apple's board of directors upon assuming his new role. As part of this transition, Arthur Levinson, currently serving as Apple's non-executive chairman, will assume the position of lead independent director on the same date. Apple confirmed that Tim Cook will remain in his CEO position throughout the summer, ensuring a seamless transition as he collaborates closely with Ternus. This marks the first major leadership change at Apple since Cook took the reins from Steve Jobs in 2011, shortly before Jobs' passing. In a heartfelt statement, Cook expressed his gratitude, stating, "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." He further expressed his deep affection for Apple and appreciation for his team, acknowledging their commitment to innovation and customer satisfaction. Under Cook’s stewardship, Apple’s market capitalization surged approximately 24 times, reaching an impressive $4 trillion by the end of trading on Monday. This story is breaking news and will be updated as more information becomes available.