Free daily briefing on global business news.

Ternus takes over from Tim Cook on Sept. 1 as Apple prepares a foldable iPhone launch and a rebuilt Siri powered by Google's Gemini technology

Kevin Winter / GA / Getty Images

John Ternus becomes Apple $AAPL Inc.'s chief executive officer on Sept. 1, stepping into the role with an immediate product launch cycle and a company under pressure to close the gap with rivals in artificial intelligence.

Tim Cook, who led Apple for 15 years, moves to executive chairman on the same date. Cook told employees he would continue managing Apple's relationships with President Donald Trump and the Chinese government, and that he is available to assist Ternus on any tasks his successor requires, according to Bloomberg. Art Levinson, the current board chair, becomes lead independent director on Sept. 1, Apple said.