Apple announces leadership change: John Ternu takes over as CEO, Cook becomes Executive Chairman

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Odaily Planet Daily reports that Apple announced that John Ternu will succeed Tim Cook as CEO on September 1, with Cook moving on to become Executive Chairman. After becoming CEO, hardware engineering Senior Vice President Ternu will join Apple’s board of directors. Apple’s Non-Executive Chairman, Art Levinson, will become the Chief Independent Director on the same day.

In a press release, Apple said: “Cook will continue to serve as CEO throughout the summer, working closely with Ternu to ensure a smooth transition.” This is the first CEO handover at Apple since 2011, when Cook took over the company from Steve Jobs. Cook was appointed shortly before Jobs’ death. Under Cook’s leadership, Apple’s market value grew by approximately 24 times, reaching $4 trillion at Monday’s close.

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