Apple Leadership Change: John Ternus to Succeed Tim Cook as CEO

Apple announced that John Ternus will succeed Tim Cook as CEO on September 1st. Cook will assume the role of executive chairman.

Ternus, senior vice president of hardware engineering, will join Apple's board of directors. Arthur Levinson will become the lead independent director.

Tim Cook, who succeeded Steve Jobs in 2011, stated it was the "greatest privilege" of his life to lead Apple.

John Ternus expressed his honor in taking on the role, acknowledging the influence of Steve Jobs and Tim Cook.