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

Apple Inc has announced that CEO Tim Cook will step down on Sept. 1 after leading the company since 2011.

Cook and Ternus at Menlo Park. (Photo: Apple)

He will be succeeded by John Ternus, senior vice president of hardware engineering, while Cook will remain chairman, according to a report by Yahoo Finance.

Apple shares slipped less than 1% in after-hours trading following the announcement.

Cook said Ternus is “the right person to lead Apple into the future,” citing his long tenure and leadership contributions.

Replacing Cook, who joined Apple in 1998 under Steve Jobs, is expected to be a significant transition. Ternus joined Apple in 2001 and has led hardware engineering since 2013.