Apple announced Monday evening that Tim Cook, one of the most powerful gay men in business, will step down as chief executive later this year and become executive chairman, elevating John Ternus to CEO.
Cook, who has led Apple since 2011 after the death of co-founder Steve Jobs, will remain in the role through the summer before handing off leadership on September 1, according to a company announcement. In his new position, he is expected to continue shaping the company’s long-term strategy and global engagement.
Ternus, Apple’s senior vice president of hardware engineering, has overseen the development of cornerstone products like the iPhone and Mac.
This story is developing.







