Apple names John Ternus as CEO to replace Tim Cook

(Sharecast News) - Apple has appointed insider John Ternus as its new chief executive, replacing Tim Cook who held the role for almost 15 years.

Ternus, currently head of hardware engineering, will take up the job on September 1. Cook will stay at the company in the role of executive chair.

"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company. I love Apple with all of my being," Cook, who succeeded co-founder Steve Jobs in 2011, said in a statement on Monday.

Reporting by Frank Prenesti for Sharecast.com