Apple’s Chief Executive Officer Tim Cook is stepping down from his role, marking the end of his nearly 15-year tenure that oversaw the tech giant’s market value skyrocket by over $3.6 trillion US, driven by the success of the iPhone. The 65-year-old Cook will officially pass on the CEO responsibilities to John Ternus, Apple’s head of hardware engineering, effective September 1, while retaining an active role as executive chairman at the Cupertino-based company. This transition mirrors similar moves made by top executives at Amazon and Netflix after their successful leadership stints.
Despite comparisons to his predecessor Steve Jobs, Cook effectively capitalized on the iPhone’s popularity and other advancements to propel Apple to unprecedented heights, a remarkable feat considering the company’s near-collapse in the mid-1990s. Having steered Apple since 2011, Cook will assume the position of executive chairman, as confirmed by Apple in a statement. The company emphasized that the leadership change was unanimously approved by its board of directors, following a meticulous and strategic succession planning process.
Expressing gratitude for the opportunity, Ternus stated in a press release, “I am profoundly grateful for this opportunity to carry Apple’s mission forward.” Cook, reflecting on his time as CEO, described it as the “greatest privilege” of his life and voiced confidence in Ternus, labeling him as a “visionary” and the ideal individual to guide Apple’s future endeavors.