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Apple announces leadership change: Ternus takes over as CEO, Cook becomes Executive Chairman
Golden Finance reports that on April 21, Apple(AAPL.O) announced on Monday that John Ternus will succeed Tim Cook as CEO on September 1, with Cook transitioning to Executive Chairman. Senior Vice President of Hardware Engineering Ternus will join Apple’s board of directors after becoming CEO. Apple non-executive Chairman Art Levinson will become the Lead Independent Director on the same day. In a press release, Apple stated: “Cook will continue to serve as CEO throughout the summer, working closely with Ternus to ensure a smooth transition.” This is the first CEO transition at Apple since Tim Cook took over from Steve Jobs in 2011. Cook assumed the role shortly before Jobs’ passing. Under Cook’s leadership, Apple’s market value has increased approximately 24 times, reaching $4 trillion at Monday’s close.