After 15 years leading one of the world's most valuable companies, Tim Cook is stepping down as chief executive of Apple, the tech giant announced Tuesday. He will remain with the company as chairman of Apple's board of directors.
John Ternus, who has served as Apple's senior vice president for hardware engineering, will take over as CEO. Ternus joined Apple in 2001 and has overseen the development of a lot of the company's hardware lineup in recent years.
In a statement marking the transition, Cook reflected on his tenure: "It has been the greatest privilege of my life to be CEO of Apple and to lead such an extraordinary company." He expressed confidence in his successor, saying of Ternus: "He has the mind of an engineer, the soul of an innovator, and the ability to lead with integrity. He is without a doubt the right person to lead Apple into the future."
Cook's time at Apple's helm has been marked by extraordinary growth. When he succeeded company co-founder Steve Jobs as CEO in 2011, Apple's market value stood at approximately $350 billion. Under his leadership, that figure has soared to roughly $4 trillion. Annual revenues have similarly expanded from $108 billion to more than $416 billion. Cook, who first joined Apple in 1998, oversaw the launch of major product lines including the Apple Watch, AirPods, and the Vision Pro mixed-reality headset, while significantly expanding the company's services business.
Ternus acknowledged the responsibility ahead: "I am grateful for the opportunity to continue Apple's mission," he said upon his appointment. "I am excited about what we will be able to achieve in the years ahead."
