Apple CEO Tim Cook is stepping down

Tim Cook is Step down as CEO of the company apple Moving to the position of Executive Chairman of the Company, effective September 1 Announce on monday. John Ternos, Apple’s senior vice president of hardware engineering, will replace Cook as CEO.

Cook’s departure has been speculated on in recent months, with Apple being seen as a departure for Cook Lagging behind in artificial intelligence developments In an era when every other major technology company has committed significant resources and billions of dollars in capital spending to developing advanced artificial intelligence.

Cook’s time as Apple’s CEO will continue to be marked by the company’s explosive growth. When he took over as CEO, the company’s market cap was about $350 billion. It is now north of $4 trillion. Some projects developed under Cook, such as Apple’s self-driving car, failed to attract interest and were eventually shut down. Meanwhile, Apple’s accessories unit, which includes the best-selling Apple Watch and AirPods, and its services business, which keeps consumers tethered to Apple devices, developed during Cook’s tenure.

Cook first joined Apple in 1998, where he was hired directly by Steve Jobs to be the company’s president of global operations. Cook, now 65, maintained a close working relationship and friendship with Jobs, and when the latter stepped down in August 2011 — and died two months later — Cook was He was the natural heir.

Ternos, 50 It worked Apple since 2001 and served as senior vice president of hardware engineering for the past several years, reporting directly to Cook as responsibilities increased. When he takes over as CEO, he will also join Apple’s board of directors.

“Ternos has the mind of an engineer, the spirit of an innovator, and the heart to lead with integrity and honor,” Cook said in a statement.

This is a developing story. Please check back for updates.