Tim Cook to step down as Apple CEO; John Ternus, SVP of Hardware Engineering, to become chief executive

Tim Cook will step down as Apple CEO, moving to executive vice president of the tech giant’s board of directors in a massive corporate shift. John Ternus, SVP of Hardware Engineering, will become Apple’s next chief executive officer, effective Sept. 1.

The transition, which was approved unanimously by the board of directors, follows “a thoughtful, long-term succession planning process,” the company said Monday. There’s been speculation for months that Cook might be stepping down with Ternus considered a leading contender to replace him.

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