John Ternus named Apple CEO

Tim Cook is set to step down as Apple CEO after a highly successful 15-year tenure that saw the company's market value explode.

His successor, John Ternus, is widely regarded as a 'product person' whose deep roots in hardware engineering signal a return to Apple's traditional strengths.

Ternus will be tasked with accelerating Apple's integration of artificial intelligence and overseeing ambitious new projects in smart home hardware.

While Cook will remain as executive chair, the transition marks the beginning of a new era for the world's most valuable technology firm.