Apple announced that CEO Tim Cook will step down in September after 15 years leading the $4 trillion tech giant, to be replaced by hardware chief John Ternus. Cook, who succeeded Steve Jobs in 2011, will transition to Apple's board chair while Ternus becomes only the third CEO in Apple's 30-year history.

Ternus, a 25-year Apple veteran, oversees engineering for the iPhone, iPad, and Mac. Cook praised his successor as having "the mind of an engineer, the soul of an innovator," calling him "without question the right person to lead Apple into the future." The transition follows reports that Apple's board was preparing to name a new CEO this year.

Under Cook's tenure, Apple's revenue grew roughly 10-fold, with iPhone sales exceeding $200 billion annually and services revenue surpassing $100 billion per year through the App Store, Apple Pay, and iCloud. While Cook lacked Jobs' showmanship, he built Apple into a services behemoth and expanded its manufacturing network across China and southeast Asia. The leadership change marks a significant shift for the world's most valuable company as it navigates an increasingly competitive tech landscape.