Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a nearly 15-year reign that saw the company’s market value soar by more than $3.6 trillion during an iPhone-fueled era of prosperity. Cook, 65, will turn the CEO duties over to Apple’s head of hardware engineering, John Ternus, on Sept. 1 while remaining involved with the Cupertino, California, company as executive chairman. “It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said in a statement.