New Delhi, April 22 -- 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 of my life". He added, "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." Ternus, 50, says he is "profoundly grateful for this opportunity to carry Apple's mission forward", and adds, " Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us." "I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century," this statement from Ternus hints at a path of consistency and continuity. Ternus will join the board of directors, on September 1....