*Apple is entering a new era of leadership. The company announced Monday that John Ternus will become chief executive officer on September 1, with Tim Cook shifting to the role of executive chairman — bringing to a close a 15-year tenure.

Cook, who inherited the top job from Apple co-founder Steve Jobs in 2011, oversaw a remarkable expansion of the company’s financial standing. According to NBC News, the stock multiplied in value by more than seventeen times over the course of his leadership, and Apple’s total market worth has grown to beyond $4 trillion, putting it among a very small group of companies at the top of global valuations, trailing only Nvidia and Alphabet.

“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,” Cook said in a news release.

Source: Tim Cook Steps Down as Apple CEO, Transitions to Executive Chairman