- Tim Cook will step down as Apple CEO on Sept. 1 after a 15-year tenure.
- Cook, who succeeded Steve Jobs, will transition to the role of executive chairman of Apple's board.
- John Ternus, Apple’s senior vice president of hardware engineering, has been named as Cook's successor.
- Apple announced Cook's departure as part of a "thoughtful, long-term succession planning process."
- Ternus is described as a relative unknown outside Silicon Valley.
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