Tim Cook to Step Down as Apple CEO, John Ternus Named Successor

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Tim Cook announced Monday that he will step down as Apple CEO after nearly 15 years leading the company. Cook, 65, will become executive chairman in September and will be succeeded by John Ternus, 50, Apple’s head of hardware engineering.

Cook took over from Steve Jobs in 2011 and oversaw a historic run in which Apple’s annual profit grew to more than $110 billion and the company’s market value rose to $4 trillion.