Tim Cook ends Apple CEO tenure; John Ternus takes over

Tim Cook has ended his tenure as Apple's chief executive, telling staff in a farewell memo that he was handing leadership of the company to incoming CEO John Ternus.

Cook, who has spent nearly three decades at Apple, led the company as chief executive from 2011. He took over weeks before founder Steve Jobs died from pancreatic cancer.

In the memo, Cook paid tribute to Jobs and praised Apple employees. He wrote that Apple had made it possible to leave its “dent in the universe,” echoing a phrase associated with Jobs.

Cook will become Apple's executive chairman. Ternus, who joined Apple in 2001 and became senior vice president of hardware engineering, is due to take over on September 1.

Apple's market value exceeded $4.5 trillion on Monday. The company has around 166,000 employees worldwide, according to its most recent annual report.

The handover comes before Apple's annual iPhone event on September 9 and as the company faces pressure over artificial intelligence, supply chains and politics in Washington.