Apple CEO Tim Cook Is Stepping Down

John Ternus, the company’s senior vice president of hardware engineering, will replace Cook as CEO on September 1. Cook will stay on as executive chairman.

Tim Cook is stepping down as the CEO of Apple and transitioning to a role as the company’s executive chairman, effective September 1, the company announced on Monday. John Ternus, Apple’s senior vice president of hardware engineering, will replace Cook as CEO.

Cook’s departure had been speculated upon in recent months, with Apple being perceived as lagging in AI developments in an era when every other Big Tech company has thrown significant resources and billions of dollars in capital expenditure at developing advanced AI.

Cook’s time as CEO of Apple will still be marked by tremendous growth for the company. When he took over as CEO, the company’s market capitalization was around $350 billion; it is now north of ...