Tim Cook takes Chairman role at Apple

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Apple CEO Tim Cook is stepping down from the position that he inherited from the late Steve Jobs while remaining involved in the company as executive chairman. 

The move comes after Cook spent 15 years at the helm and saw the company's market value soar by more than $3.6 trillion dollars during an era of prosperity fueled by the iPhone.

Cook will turn the CEO duties over to Apple's head of hardware engineering, John Ternus.

Cook and Ternus may have more to say about the changing of the guard on April 30 when Apple is scheduled to release its financial results for the first three months of the year.