John Ternus named CEO of Apple

(NBC, KYMA) - Apple has named a new Chief Executive Officer (CEO), marking the end of a long and influential era.

On Monday, Apple announced that John Ternus will take over as CEO on September 1, while current CEO Tim Cook moves into the role of Executive Chairman.

The transition ends Cook's 15-year run leading the company, a period marked by significant growth and global expansion.

During that time, Apple's stock climbed more than 1,700%, helping push its market value past $4 trillion and cementing its place among the world's most valuable companies.

Cook described his time as CEO as the greatest privilege of his career, pointing to the company's culture of innovation and its focus on creating products and services that improve customers' lives.

This is Apple's first CEO change since 2011, when Cook succeeded co-founder Steve Jobs.

Before becoming CEO, Cook was instrumental in building the company's global supply chain.