Apple's Tim Cook to Step Down as CEO in September

Apple is preparing for a significant leadership transition as Chief Executive Officer Tim Cook plans to step down later this year, handing the reins to hardware chief John Ternus while the company advances development on six new product categories aimed at expanding beyond its traditional smartphone and computer lineup.

The shift, announced internally during an all-hands meeting at Apple's Cupertino headquarters, positions Ternus to take over as CEO on September 1. Cook, 65, will transition to the role of executive chairman, where he intends to maintain close involvement in global relations and provide guidance to his successor. Speaking at the Steve Jobs Theater, Cook emphasized that his decision stems from strategic timing rather than health issues. "I am healthy. My energy is high, and I plan to be in this new role for a long time," Cook told employees. He described the move as aligning with strong business performance, a solid product roadmap and confidence in Ternus's readiness, aiming to create a model succession plan. "These three things all intersected and they intersect now," Cook said. "And so now was the time."

Ternus, 50, addressed the gathering with optimism about...