India, April 21 -- This may well be the most pivotal leadership transition of this generation. Tim Cook will hand over the reigns Apple Inc. to John Ternus, who will become Apple's next chief executive officer effective on September 1. Apple's expected leadership transition has been formalised soon after the 50 year milestone. Cook will continue in his role as CEO through the next few months, to help Ternus will a smooth transition, with Ternus' tenure as CEO commencing just before the expected annual iPhone keynote in the same month. Tim Cook will become executive chairman of Apple's board of directors. Ternus is presently senior vice president of Hardware Engineering.

Cook, 65, calls his time as CEO of Apple as the "greatest privilege ...