Tim Cook Passes Apple Baton to John Ternus

0:00It's April 20th. This is Sydney News today, AI-powered stories from your city. Tim Cook, Apple CEO for nearly 15 years, is stepping down on September 1st. He's passing the torch to John Ternis, the head of hardware engineering, while sticking around as executive chairman. Under Cook, who took over from Steve Jobs, the company's market value exploded by more than $3.6 trillion, all powered by the iPhone Boom. This move echoes what we saw with Jeff Bezos at Amazon and Reed Hastings at Netflix, both shifting to chairman roles after Killer Runs as CEOs. Cook shared how much he loves Apple and thanked the brilliant team for enriching customers lives with top products. Ternis, who joined back in 2001, has been key in boosting Mac sales and grabbing more market share. He calls working under Jobs and, learning from Cook a huge honor. The shift marks a change from Cook's supply chain mastery to Ternis's focus on design and products.

1:00Analysts say Ternis is super well liked inside Apple and brings fresh energy to the table. Apple also tapped Johnny Cezzy as chief hardware officer for his work on custom chips and sensors, setting the stage for whatever comes next in. Cupertino.