Apple CEO Tim Cook abruptly resigns and names successor

By MARTHA WILLIAMS, US REAL ESTATE & CONSUMER REPORTER Apple boss Tim Cook has stepped down and named his successor in a dramatic leadership handover. The Silicon Valley giant said on Monday that its long-serving chief executive officer will step aside after 15 years and move over to the position of executive chairman. Stepping into the spotlight is John Ternus, 51, Apple’s widely respected hardware chief, who will take over as CEO on September 1.  This move will keep Cook, 65, firmly at the heart of the company's strategic direction while handing over day-to-day control as the company prepares for its biggest iPhone overhaul in years, including what could be its first foldable model. Stock for Apple, the world's third biggest company, was down in after-hours trading following the unexpected announcement. The announcement underscores Apple's continued focus on hardware innovation, with Ternus - long seen as a key architect behind many of the company's flagship products - now poised to lead the entire organization into its next chapter. 'John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,' Cook said in a statement. 'He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.'  Meanwhile, the executive reshuffle doesn't stop there.  Apple boss Tim Cook will step aside from his current role and become executive chairman, the tech giant announced on Monday Stepping into the spotlight is John Ternus, Apple's widely respected hardware chief, who has been tapped as the company's next CEO Johny Srouji, another senior figure within Apple's leadership circle, will see his responsibilities broaden substantially.  He is set to assume the newly expanded role of chief hardware officer, consolidating even more influence over the company's critical silicon and device engineering efforts. The high-stakes transition, revealed in an official company statement, represents one of the most significant leadership changes at Apple in years - and sets the stage for what could be a defining period in the company's future.  Ternus, a longtime Apple engineer who has overseen development of the iPhone, iPad and Mac, had been one of several names quietly touted as a potential successor. But the speed of the transition - and the lack of a clear explanation - caught many investors off guard. Cook has led Apple since 2011, taking over from co-founder Steve Jobs and presiding over a period of extraordinary growth that saw the company become the first to reach a $3 trillion valuation. Under his leadership, Apple expanded aggressively into services - such as Music, TV and iCloud - and wearables like the Watch reducing its reliance on the iPhone and turning its ecosystem into a cash-generating machine. 'He stepped into the world's biggest shoes - the biggest shoes that anybody on the planet has ever had to step into - and he's done an amazing job,' said Peter Oppenheimer, Apple's chief financial officer from 2004 to 2014.   In a dramatic shake-up at the very top of one of the world's most powerful tech giants, Apple has unveiled a sweeping leadership overhaul that signals the dawn of a new era for the iPhone maker 'John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,' Cook said in a statement (pictured: Ternus and Cook) Under Cook, Apple expanded aggressively into services - such as Music, TV and iCloud - and wearables like the Watch reducing its reliance on the iPhone and turning its ecosystem into a cash-generating machine Ternus is poised to inherit a company at a pivotal moment, with Apple yet to introduce a widely adopted new product category in recent years and growing scrutiny surrounding the strength of its business model. The incoming chief will also have to steady nerves among investors after a string of high-profile executive departures in recent months - an exodus that has raised uncomfortable questions about the depth of Apple’s next generation of leadership and the clarity of its long-term vision. Of particular concern is the company’s stance on artificial intelligence.  While rivals across the tech world have plunged headfirst into the AI arms race - pouring hundreds of billions into its development - Apple has, by comparison, remained notably cautious, choosing not to match the aggressive spending spree that is rapidly reshaping the industry.  The leadership shake-up comes at a critical moment for Apple. The tech giant is expected to unveil its next iPhone lineup in September, including its first every flip version and an ultra-thin version. Before that, is Apple's annual developer conference, WWDC, in June. The event is expected to focus heavily on artificial intelligence, with Apple under pressure to keep pace with rivals in the fast-moving AI race. Executives are likely to unveil a new wave of AI-powered features across the iPhone, including upgrades to Siri and deeper integration across apps such as Messages, Photos and Mail. The comments below have not been moderated. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. 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