Tim Cook Steps Down as Apple CEO After 15 Years; John Ternus to Take Over Sept. 1

Tim Cook’s 15-year tenure as chief executive of Apple (ticker: AAPL) has reached its final day, the report states. Effective Sept. 1, John Ternus will succeed him as CEO, while Cook becomes executive chairman of Apple’s board of directors.

Under Cook’s leadership, Apple’s annual revenue grew from $108 billion to $416 billion. The company’s services revenue — a significant and growing part of its business — surged from $9 billion to $109 billion per year.

Apple’s market capitalization expanded from about $350 billion to $4.7 trillion, briefly crossing $5 trillion in July. Apple also became the first U.S. company to reach a $1 trillion valuation.

The transition marks the end of a 15-year period in which Apple substantially increased its sales, turned its services division into a major revenue source, and became the most valuable publicly traded company in the world.