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Yahoo Finance's Dan Howley reports:

Apple's (AAPL) Tim Cook is stepping down as CEO today, turning over the role to senior vice president of hardware engineering John Ternus.

Cook will stay on at Apple as its executive chair and "assist with certain aspects of the company, including engaging with policymakers around the world," the company said in a statement.

During his time as CEO, Cook oversaw the launch of a variety of new products, including the Apple Watch, AirPods, and, more recently, the MacBook Neo. He's also been instrumental in increasing Apple's Services segment revenue to more than $100 billion, the company's second-largest business behind the iPhone.

Steve Jobs hired Cook in 1998 and promoted him to executive vice president of worldwide sales in 2002, before appointing him to COO in 2005. He later took over as CEO from Jobs in 2011.

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