Apple is going back to what it does best with its new CEO pick. On Monday, the iPhone maker announced that Tim Cook is stepping down as CEO on September 1. John Ternus , Apple's senior vice president of hardware engineering, will take the helm. Ternus joined the company in 2001 and most recently oversaw Apple's new product lines, including the iPad and AirPods, as well as new models of the iPhone, Mac, and Apple Watch. He also oversaw hardware engineering work on products across all categories.