Tim Cook steps down as Apple CEO, Ternus takes over

In his final memo to employees, Cook said Apple's culture 'triumphs over everything' and backed Ternus as his successor.

Ternus, who previously led hardware engineering, inherits a company that dominates the smartphone market but trails rivals in generative AI. Cook's tenure saw Apple's valuation soar past $3 trillion, but also growing regulatory scrutiny and competition.

The transition marks only the second CEO change in Apple's modern history, following Steve Jobs.