Apple has names a replacement for Tim Cook, his name is John Ternus, but Cook isn't stepping away from Apple, Inc., he is becoming an executive chairman for Apple, while Ternus is going to be the Chief Executive. 

New Apple CEO John Ternus | Source: The Globe and Mail

Tim Cook served as Chief Executive for Apple for 15 years. Termus, the head of hardware engineering has been with the company for 25 years he will take over on 1 September. 

Tim Cook took over leadership of Apple after Steve Jobs resigned due to health reasons shortly before his death in 2011. 

Cook plans on staying as Chief Executive though summer and will work with Ternus on the transition and will assist with "certain aspects of the company, including engaging with policymakers around the world."

Cook decided to step down due to rumours of Apple looking for a successor for him. Cook describes the job as "one of the greatest privileges" of his life. He led the company to be one of the most valuable in the world. 

Former Apple CEO Tim Cook at the White House | Source: The Detroit News

Apple became the first company worth $1 trillion (£740 billion) in 2018 and is now worth $4 trillion. 

 Cook says Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and honour. 

After long-time executive Jeff Williams left Apple last year, Ternus became the favourite to take Cook's position. Ternus has worked on almost every major product Apple has released in the last 25 years, including every iPad generation, many iPhone generations, and the launch of the AirPods and Apple Watch. 

Tim Cook and John Ternus walking on Apple Campus | Source: Apple

He oversaw the transition of the Mac processors to Apples own silicon. Ternus has referred to Cook as a mentor to him.

"I am filled with optimism about what we can achieve in the years to come," Ternus said.

The naming of a new successor to Tim Cook should help Apple to get out of the constant criticism of Tim Cook's tenure, consumers also saying that Apple was not innovative enough. Ternus, coming from a product and hardware background may help with innovation. 

Apple has seen a 4-fold increase in value, but the product has generally stayed the same every year. Dipanjan Chatterjee praised Apple for its financial stability, but also noted that Cook had not given Apple a product that would give them another 20 years of success. Apple "remains structurally dependent on the phone" as it "searches for its next growth engine".

Gil Luria says that he thinks with a new face at the helm of Apple, that they may explore other ways to differentiate themselves from Apple of previous years, like foldable phones and wearable devices like glasses. Apple has also been slower to implement AI into its devices and they were criticised for not doing so. 

Cook came from a business operator background, he worked for companies like IBM and Compaq. He was more focused on operations and fulfilment, along with logistics and sales figures, instead of launching new technological products.