Apple's Tim Cook Steps Down After 15 Years, Handing Reins to Hardware Head John Ternus

Apple has announced that its long-time CEO Tim Cook is stepping down after 15 years at the helm. During his tenure, Cook led the company to historic milestones, including becoming the first US-based company to reach a $1 trillion market cap.

Cook will remain as executive chairman, while John Ternus, Apple's senior vice president of hardware engineering, has been named as his successor.

Ternus faces significant challenges, including a tough AI rollout and a global chip shortage that is causing price hikes. He will also oversee the company's upcoming major product launches, with its first event under his leadership set to take place on September 9.