Apple CEO Tim Cook is stepping down, but this doesn't dampen Jim Cramer's confidence in the company's future. John Ternus, Apple's senior vice president of hardware engineering, will replace Cook as CEO, who will become executive chairman. Cramer expressed his belief in Ternuss' ability to bring some of Apple's most popular devices to market. Several Wall Street firms have also expressed positive reactions to the succession announcement, including Melius Research, Bank of America, and Bank of Europe. Ternis will assume the role on Sept. 1. Since Cook took over as CEO in 2011, Apple has seen a significant increase in annual revenue and market cap, gaining 1,900%.