New Delhi, Aug. 31 -- Apple is undergoing one of its biggest leadership changes in recent years. Tim Cook, who has served as the company's CEO since 2011, is stepping down from the role on 1 September. He will be succeeded by John Ternus, Apple's senior vice president of Hardware Engineering.

Cook is not leaving Apple. He will become executive chairman and is expected to remain involved in key areas, including Apple's government and regulatory relations. The leadership transition comes just days before Apple's 9 September event, where the company is expected to unveil new products.

Cook will step away from Apple's day-to-day operations as executive chairman but is expected to remain involved in areas where his experience and relationshi...