Tim Cook to step down

Tim Cook's departure marks the end of an era during which Apple's market value soared from $300 million to over $4 trillion.

Cook will transition to the role of executive chairman, remaining involved with the board of directors while handing day-to-day operations to John Ternus.

Ternus, a long-time Apple insider known for his hardware expertise, will take over as the company pivots toward a future dominated by artificial intelligence.

Investors have largely lauded the transition as a safe choice during a period of significant industry change.