Tim Cook Hands Reins to John Ternus as Apple CEO

After 15 years at the helm of Apple, Tim Cook is stepping down as CEO and transitioning to executive chairman. On Tuesday (Wednesday AEST), he handed over the reins to John Ternus, who will now lead one of the world's largest companies. Cook's legacy is built on his ability to extract more value from Apple's vast user base and optimize its supply chain for high margins.

Cook's departure comes with a significant pay package totaling $US47 million ($66 million), which he will receive in his new role as executive chairman. During his tenure, Cook focused on maintaining control over the company's ecosystem in the name of protecting user privacy.