Tim Cook, who has served as CEO of Apple since 2011, announced his resignation effective September 1, 2023. He will transition to the role of executive chairman, while John Ternus, currently the head of hardware, will take over as CEO. In his memo to employees, Cook reflected on the values that have shaped Apple and expressed confidence in the company's future. He praised Ternus as a visionary leader with integrity, capable of guiding Apple into new innovations. Cook will continue to work closely with Ternus during the transition and expressed deep appreciation for his team, stating that their collaboration has made Apple a remarkable company. A town hall meeting is scheduled for the following day to address this leadership change.