Tim Cook steps down as Apple CEO

Tim Cook, the executive who led Apple to become a $4 trillion company and defined its identity in the post-Steve Jobs era, is stepping down as CEO, Apple said on Monday. CNN's Clare Duffy reports that John Ternus, Apple’s senior vice president of hardware engineering, will take over as CEO effective September 1. Cook will become executive chairman of Apple’s board of directors and will remain as CEO through the summer to ensure a smooth transition, the company said.