After nearly 15 years as Apple CEO, Tim Cook is stepping down. He will continue to operate in the role until Sept. 1, when he will be replaced by John Ternus, the company’s senior vice president of hardware engineering.
Cook won’t disappear from Apple. He will transition to Apple’s board of directors as executive chairman, the company announced Monday. But the shift represents the end of an era for the company.
Cook became CEO on Aug. 24, 2011, taking over from Apple co-founder and face of the company Steve Jobs, who passed away two months later. Known for improving the company’s supply chain, Cook oversaw a period of record growth. During his 15-year tenure, it refined its smartphone line from the iPhone 5 onward, debuted new products like the Apple Watch and HomePod, and launched services such as Apple Music, Apple TV Plus and Apple Fitness Plus.
With Cook at the helm, Apple became a trillion-dollar company in 2018 — the first US company to do so — and surpassed $3 trillion in market cap in 2022. Last October, Apple became a $4 trillion company, half a year before its 50th anniversary on Apr. 1.
“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” Cook said.
Ternus, who will replace Cook in September, has spent almost his entire career at Apple. An engineer by trade, he joined the company in 2001, becoming vice president of hardware engineering in 2013 and SVP in 2021. He was “instrumental in the introduction” of the iPad and AirPods, according to Apple’s post, and oversaw the company’s product lines all the way up to the recent MacBook Neo.
This is a developing story. Check back on CNET for more updates.