Apple announced on Wednesday that Tim Cook will step down as chief executive officer in September after 15 years in the role. Cook will remain with the company as chairman of the board, while John Ternus has been named his successor. The transition follows Apple’s annual shareholder meeting, where board changes were approved. Ternus currently serves as senior vice president of hardware engineering and has been with Apple since 2001.
Cook, who joined Apple in 1998, took over as CEO in August 2011 after the death of co-founder Steve Jobs. During his tenure, Apple became the first U.S. company to reach a $3 trillion market valuation in 2022. Revenue grew from $108 billion in 2011 to $394 billion in 2023, driven by iPhone sales and expansion into services like Apple Music and iCloud.
The company did not provide a specific reason for Cook’s departure beyond a planned leadership transition. Analysts note Ternus’s deep experience in product development, including oversight of the iPhone, iPad, and Mac lines. His promotion signals continuity in Apple’s hardware strategy amid increasing competition in the smartphone market.
Cook’s exit marks the end of an era for Apple. His leadership oversaw major initiatives such as the shift to custom silicon with the M1 chip in 2020 and the expansion of services contributing over $78 billion in annual revenue. The board praised Cook’s contributions during his 15-year tenure as CEO.
Source: digi.no