Apple has named named John Ternus as its new chief executive to replace Tim Cook who will become executive chairman at the technology giant. Ternus, currently the head of hardware engineering who has been at Apple for 25 years, will take over from Cook on 1 September.

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...