John Ternus, who will succeed Tim Cook as Apple CEO, has said previous innovations will help inform future advancements.

Apple CEO Tim Cook will step down in September and be succeeded by hardware chief John Ternus, the company said Monday. Cook will become executive chairman of Apple's board.

Apple ⁠on ⁠Monday named insider ​John Ternus ‌as its next ‌CEO, ⁠tasking ⁠the long-time hardware chief ​to steer the ​company after Tim ⁠Cook as ⁠the ⁠iPhone maker gears ​up for an ​industry ⁠change spurred by ⁠artificial intelligence.

Ternus, senior vice president of hardware engineering, will officially become Apple's new CEO in September. Cook will remain as the company's executive chairman.

The CEO change ends an extraordinary run by Cook, who succeeded Apple’s legendary cofounder Steve Jobs as CEO in 2011, stepping into perhaps the biggest shoes to fill in business history.

John Ternus, Apple's senior vice president of Hardware Engineering, will become CEO on Sept. 1 as Tim Cook transitions to executive chairman after 15 years leading the company.

Cook will become executive chairman of Apple's board of directors, replacing Arthur Levinson, the company said. Ternus, a 25-year Apple veteran, will assume the role of CEO on September 1, the company said.

The market's muted reaction to Apple's leadership handoff is shortsighted. Cook's deliberate, Steve Jobs–approved succession puts Apple ahead of AI rivals.