Tim Cook to resign as Apple CEO later this year

Apple announced Monday that CEO Tim Cook will step down from his post later this year to become the executive chairman, and John Ternus will take over the role on Sept. 1. 

Cook will remain as CEO through the summer to help transition Ternus into the role. The move ends Cook's 15-year tenure at the technology company. The current CEO has been credited with building up the company's net worth, making it the third most valuable public company in the world, behind Nvidia and Alphabet, according to NBC News.

“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 said in 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."

Ternus, who has been on Apple's design team since 2001, has been credited as being an instrumental part of Apple's rollout of its signature iPhone and AirPods. 

“I am profoundly grateful for this opportunity to carry Apple’s mission forward," Ternus said. "I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Cook described Ternus as a "visionary" who has the "mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."

"He is without question the right person to lead Apple into the future," Cook said. "I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”

Cook took over the role of CEO in 2011, replacing Apple founder Steve Jobs. Arthur Levinson, who has worked as Apple’s non-executive chairman for the past 15 years, will become its lead independent director on September 1. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.