00:00Apple has announced that Tim Cook will step down as CEO, a role he's held since 2011,
00:05with Senior Vice President of Hardware Engineering John Ternus set to take the top executive position on September 1.
00:13Cook will transition to the role of executive chairman, while Ternus will join Apple's board of directors when he becomes
00:19chief.
00:20The transition ends Cook's 15-year run as one of the most successful technology CEOs in modern history.
00:27Under his leadership, Apple's shares appreciated more than 1,700 percent, and the company's market value now stands at over
00:35$4 trillion.
00:37Cook praised his successor, saying Ternus has the mind of an engineer, the soul of an innovator, and the heart
00:43to lead with integrity.
00:44Ternus, who is now 50 years old and has worked at Apple for about half his life, now faces challenges
00:51including a complex supply chain,
00:53geopolitical tensions, and a soaring demand for AI chips.
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