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The Silicon Valley giant said on Monday that its long-serving chief executive officer will step aside after 15 years and move over to the position of executive chairman.
Stepping into the spotlight is John Ternus, 51, Apple’s widely respected hardware chief, who will take over as CEO on September 1.
This move will keep Cook, 65, firmly at the heart of the company's strategic direction while handing over day-to-day control as the company prepares for its biggest iPhone overhaul in years, including what could be its first foldable model.
Stock in Apple, the world's third-biggest company, was down in after-hours trading following the unexpected announcement.
The announcement underscores Apple's continued focus on hardware innovation, with Ternus - long seen as a key architect behind many of the company's flagship products - now poised to lead the entire organization into its next chapter.
'John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,' Cook said in a statement. '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.'
Johny Srouji, another senior figure within Apple's leadership circle, will see his responsibilities broaden substantially.
He is set to assume the newly expanded role of chief hardware officer, consolidating even more influence over the company's critical silicon and device engineering efforts.
The high-stakes transition, revealed in an official company statement, represents one of the most significant leadership changes at Apple in years - and sets the stage for what could be a defining period in the company's future.
Ternus, a longtime Apple engineer who has overseen development of the iPhone, iPad and Mac, had been one of several names quietly touted as a potential successor.
But the speed of the transition - and the lack of a clear explanation - caught many investors off guard.
Cook has led Apple since 2011, taking over from co-founder Steve Jobs and presiding over a period of extraordinary growth that saw the company become the first to reach a $3 trillion valuation.
Under his leadership, Apple expanded aggressively into services - such as Music, TV and iCloud - and wearables like the Watch, reducing its reliance on the iPhone and turning its ecosystem into a cash-generating machine.
John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,' Cook said in a statement
Apple CEO Tim Cook abruptly resigns and names successor
