Cook steps down, but new CEO vows to keep to Apple's core values

IS IT a bombshell if it was expected?

- JUSTIN CONNOLLY Technology Editor

Somehow, Apple’s announcement this week that CEO Tim Cook will be stepping down felt inevitable, yet still surprising.Cook, who joined the company in 1998 and has been at the helm since Steve Jobs stepped down because of illness almost 15 years ago, will transition from the chief executive role to become the executive chairman of Apple’s board of directors on September 1.

As expected, he will be replaced as CEO by Apple's current senior vice president of Hardware Engineering, John Ternus.

He, in turn, sees his role go to Johny Srouji, who will have his duties as senior vice president of Hardware Technologies expanded to oversee all of the company’s hardware output in the new role of chief hardware officer.