Apple announced Monday that Tim Cook will step down as CEO, handing the reins to hardware chief John Ternus. Cook will remain with the company as executive chairman. The firm also promoted Johny Srouji, the architect behind its chip success, to the new role of chief hardware officer.
This leadership transition comes as Apple faces pressure to define its future beyond the iPhone. Cook masterfully extended the iPhone's success into products like the Apple Watch and built a powerful services business. Yet the company has not broken into a major new hardware category in recent years.