Tim Cook, who has served as CEO of Apple Inc. for nearly 15 years, will step down from his position on September 1, 2023. He will pass the CEO responsibilities to John Ternus, the current head of hardware engineering. Under Cook's leadership, Apple experienced remarkable growth, with its market value soaring by over $3.6 trillion during a period marked by the success of the iPhone and other innovations. In a statement, Cook expressed his gratitude for the opportunity to lead such an extraordinary company and confirmed that he will remain involved as executive chairman. This transition mirrors similar moves made by other tech giants, such as Jeff Bezos of Amazon and Reed Hastings of Netflix, after their successful tenures.