PANews reported on April 21 that Apple (AAPL.O) announced on Monday that John Ternus will succeed Tim Cook as CEO on September 1, with Cook becoming executive chairman. Ternus, senior vice president of hardware engineering, will join Apple's board of directors after becoming CEO. Apple's non-executive chairman, Art Levinson, will become lead independent director on the same day. In a press release, Apple stated, "Cook will continue as CEO throughout the summer, working closely with Ternus to ensure a smooth transition." This marks Apple's first CEO transition since Cook succeeded Steve Jobs in 2011, shortly before Jobs' death. Under Cook's leadership, Apple's market capitalization has increased approximately 24-fold, reaching $4 trillion at Monday's close.