Apple on Monday named longtime executive John Ternus as its next CEO, signaling a major leadership transition at one of the world’s most valuable companies as Tim Cook prepares to step aside after more than a decade at the helm.
The company said Ternus, Apple’s senior vice president of hardware engineering, will take over as CEO on Sept. 1. Cook, who has led Apple since 2011, will move into a new role as executive chairman of the board.
The succession marks the first CEO change at Apple since Cook replaced cofounder Steve Jobs nearly 15 years ago. During Cook’s tenure, Apple expanded its product lineup and grew into a global technology giant with a market value in the trillions.
Ternus, a longtime Apple engineer, has been widely viewed as a leading contender to succeed Cook. He joined the company in 2001 and rose through the ranks, overseeing the development of key products,
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