Apple’s CEO to Hand Reins to Deputy After Record-Setting Run

Apple Inc. Chief Executive Officer Tim Cook will hand the reins to hardware boss John Ternus later this year, capping a 15-year tenure that turned the company into a business worth $4 trillion that spans watches, video streaming and financial services.

Ternus will become CEO on Sept. 1, when Cook will transition to executive chairman, the company said in a statement Monday. Ternus, 50, has served as head of hardware engineering since 2021 and spent 25 years focused on product development at the iPhone maker. Bloomberg News previously reported that Ternus was Cook’s heir apparent.