Apple Inc. on Monday announced that Tim Cook would become executive chairman of the company’s board of directors, while John Ternus, senior vice-president of hardware engineering, would take over as the next CEO from September 1.Cook will continue as CEO through the summer as he works closely with Ternus to ensure a smooth transition. As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world, according to a press release issued by Apple.The transition, unanimously approved by the board of directors, follows a long-term succession planning process.Cook said it had been the greatest privilege of his life to serve as Apple’s CEO and to lead the company. “John Ternus has the mind of an engineer, the soul of an innovator and the heart to lead with integrity and honour. He is a visionary whose contributions to Apple over 25 years are already too numerous to count and he is without question the right person to lead Apple into the future,” Cook said.Cook joined Apple in 1998 and became CEO in 2011. He has overseen the introduction of several products and services, including new categories such as Apple Watch, AirPods and Apple Vision Pro, as well as services like iCloud, Apple Pay, Apple TV and Apple Music.Under Cook’s leadership, Apple has grown from a market capitalisation of about $350 billion to $4 trillion, marking an increase of over 1,000 per cent. Annual revenue has nearly quadrupled, rising from $108 billion in fiscal year 2011 to over $416 billion in fiscal year 2025. The company has also expanded its global presence and now operates in over 200 countries and territories.