Hardware engineering executive is a longtime Apple insider, indicating company will continue strategy that has led to record profits

Apple has announced longtime company veteran John Ternus as the next CEO of the company, succeeding current CEO Tim Cook, who is set to transition to executive chair of Apple’s board of directors later this year.

Ternus’s term as CEO will begin on 1 September. The hardware engineering executive is a longtime Apple insider, indicating the company will stay the course that has led to record profits under Cook’s leadership. Apple’s yearly profit now tops $100bn, and in January it announced record revenue from its iPhones, boosted by renewed demand in China.

Cook, who will stay on as executive chair, praises head of hardware engineering, who will take over on 1 September

Apple announced on Monday that it had named a replacement for Tim Cook as CEO after nearly 15 years, with head of hardware engineering John Ternus succeeding him on 1 September. 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 said in a press release.