Apple on Monday named John Ternus as its new chief executive officer, effective Sept. 1, and said that Tim Cook would take the role of executive chairman.
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The transition will end Cook's 15-year run as one of the most successful technology CEOs in modern history.
“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 saidin a news release.
"I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” Cook said.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward," incoming CEO Ternus said.
About 15 years Cook's junior, Ternus has worked on Apple's design team since 2001, and the company said he was "instrumental" to product lines such as the iPhone and AirPods.
"Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition," Apple said.
Under Cook's stewardship, Apple shares appreciated more than 1,700%. Apple's market value is currently more than $4 trillion, making it the third most valuable public company in the world, behind only Nvidia and Google owner Alphabet.
Apple shares fell less than 1% in after-hours trading on Monday.
Source: Drudge Report
