Apple CEO Tim Cook plans to step down effective on September 1, 2026, the company announced in a press release on Monday.Cook will become executive chairman of Apple's board. John Ternus, who is currently the company's senior vi ce president of hardware engineering, will take his place as CEO."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, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world," Cook said in the release.RELATED STORY | iPhone privacy report: How to check which apps are tracking you and accessing your dataCook, who joined Apple in 1998, became CEO in 2011 after company co-founder Steve Jobs resigned for health reasons.He was CEO for major Apple product launches including the Apple Watch and AirPods and significantly grew the company's reach and revenue.This is a developing story. Stay with Scripps News for continued updates. ...read more read less