Hardware chief John Ternus is set to take over on September 1

Tim Cook will step down as Apple's chief executive on September 1, ending a nearly 15-year run at the helm of the iPhone maker and handing over to senior hardware executive John Ternus.

Cook took over as CEO in August 2011 after Steve Jobs resigned just six weeks before his death, and he presided over a period of huge commercial expansion that saw Apple's market value rise from roughly $350 billion to around $4 trillion. During his tenure, Apple expanded its wearables and services businesses, rolling out products and platforms such as the Apple Watch, AirPods, Apple Music, and Apple Pay.

"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 press release on Monday. He is set to remain with the company as executive chairman to "assist with certain aspects," including "engaging with policymakers around the world."

Ternus, Apple's senior vice president of hardware engineering, has been with the company since 2001 and has overseen development work across major product lines, including the iPhone, iPad, and Mac.

"I am profoundly grateful for this opportunity to carry Apple's mission forward," said Ternus, promising to "lead with the values and vision that have come to define this special place for half a century."

The leadership transition comes as Apple faces growing pressure to prove it can keep pace in artificial intelligence, an area where critics and investors have increasingly argued the company has moved too slowly compared with rivals. Several reports suggested Ternus will inherit a business that remains highly profitable but is under scrutiny over its AI strategy and future product pipeline.

(RT.com)