Apple taps John Ternus as CEO to replace Tim Cook
Apple said on Monday that John Ternus is succeeding Tim Cook as CEO, with Cook assuming the role of executive chairman on Sept. 1. Ternus, a senior vice president of hardware engineering, will join Apple’s board of directors when he becomes chief. Apple’s nonexecutive chairman Arthur Levinson will become the iPhone maker’s lead independent director at that time. “Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition,” Apple said in a press release. The company said in a filing that the board made the appointment on Friday. It’s the first CEO transition for Apple since Cook, now 65, succeeded Steve Jobs at the helm in 2011, shortly before Jobs’ death. Ternus will become Apple’s eighth CEO. Apple’s market cap increased by more than 20-fold on Cook’s watch, closing on Monday at $4 trillion. Cook took home $74.6 million in total compensation last year, including a $3 million base salary and millions more in stock awards, according to recent regulatory filings.…
20 Apr 00:00 · Inlandnewstoday