Apple says John Ternus will be new CEO, Tim Cook to step aside

Apple on Monday named John Ternus as its new CEO, effective Sept. 1. Ternus will take over from Tim Cook, who has led Apple for 15 years.

Apple on Monday named John Ternus as its new chief executive officer, effective Sept. 1, and said that Tim Cook would take the role of executive chairman.

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The transition will end Cook's 15-year run as one of the most successful technology CEOs in modern history.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said in a news release.