Tim Cook is stepping down as CEO of Apple after nearly 15 years, a period that transformed the company and saw its market value increase by more than $3.6 trillion. Cook, who succeeded Steve Jobs in 2011, will officially hand over the role on September 1 and transition to executive chairman. His leadership was marked by operational excellence and a focus on global supply chain efficiency, solidifying the iPhone as Apple's core revenue driver. John Ternus, who has been with Apple since 2001 and served as the senior vice president of hardware engineering, has been named the new CEO. This leadership change comes at a crucial time as the tech industry shifts towards artificial intelligence, with Apple expected to emphasize hardware design and product innovation under Ternus. Additionally, Johny Srouji, head of Apple’s custom silicon efforts, has been appointed chief hardware officer, further emphasizing the company's commitment to its chip development strategy.