Tim Cook will step down as Apple's CEO after nearly 15 years in the role, transitioning to an executive chairman position on September 1. John Ternus, who has been with Apple for more than two decades and previously oversaw engineering underlying iPhone, iPad, and Mac products, will take over as CEO.
Key Takeaways
Apple CEO Tim Cook will step down from his role after nearly 15 years and transition to executive chairman on September 1. John Ternus, who has been with Apple for over two decades, will take over as CEO. During Cook's tenure, Apple's market value soared by more than $3.6 trillion.
- Tim Cook steps down as Apple CEO after nearly 15 years
- John Ternus to become new CEO on September 1
- Cook transitions to executive chairman role
- Apple's market value increased by over $3.6 trillion under Cook's leadership
During Cook's tenure as CEO, Apple's market value soared by more than $3.6 trillion. According to The Guardian, the company's market capitalization grew from around $350 billion at the start of Cook’s time to over $4 trillion today. Ternus is set to steer Apple through industry changes driven by artificial intelligence and has played a key role in reigniting sales of products such as Apple's Mac computers, which have gained market share in recent years.
Cook expressed his gratitude for the opportunity to lead Apple, stating that it had been 'the greatest privilege of my life' to be the CEO. Ternus also shared his appreciation for the opportunity, promising to carry forward Apple's mission. According to BBC, Cook stated that Ternus is 'without question the right person to lead Apple into the future.' Additionally, Johny Srouji will become chief hardware officer, taking over for Ternus in an expanded role.
Ternus joined Apple in 2001 and became a vice president of hardware engineering in 2013. He has overseen the development of products such as iPhone, iPad, Mac, Apple Watch, and AirPods. At 50 years old, Ternus is the same age Cook was when he took over from Steve Jobs in 2011.
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