On April 21, Apple announced on Monday that John Ternus will succeed Tim Cook as CEO on September 1, with Cook transitioning to the role of Executive Chairman. Ternus, who is currently the Senior Vice President of Hardware Engineering, will join Apple's board of directors after becoming CEO. Art Levinson, Apple's non-executive chairman, will become the lead independent director on the same day. In a press release, Apple stated, 'Cook will continue to serve as CEO throughout the summer, working closely with Ternus to ensure a smooth transition.' This marks the first CEO transition at Apple since Cook took over from Steve Jobs in 2011. Cook succeeded shortly before Jobs' passing. Under Cook's leadership, Apple's market value has increased approximately 24 times, reaching $4 trillion at the close on Monday.
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