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Tim Cook, the Apple CEO who oversaw the company’s meteoric growth following the release of the iPhone, is stepping down after a nearly 15-year run. Apple’s new CEO will be John Ternus, the company’s head of hardware engineering.
Cook’s departure isn’t a total surprise. In March, Bloomberg reported that Cook was planning to step down, and that Ternus, an engineer who oversees the development of Apple’s money-making devices like the Mac and iPhone, had emerged as the most likely successor.
The leadership change marks the end of Apple’s first post-Steve Jobs era. Cook served as Apple’s chief operating officer before becoming CEO in August 2011, just a few months before Jobs’ death. In his 15 years at Apple’s helm, the company released the Apple Watch and AirPods, refined its iPhone and iPad lines, developed its own silicon microprocessors, and grew Apple from a market cap of $350 billion to over $4 trillion. It also released the Vision Pro.
Apple announced that Cook will officially step down from his position on September 1, and will transition into a new executive chairman role at Apple, in which he will “assist with certain aspects of the company, including engaging with policymakers around the world.”
According to BloombergCook wrote in a memo to Apple employees that “John is the right leader to help us innovate into the future, to help us break new ground on big ideas and bold new pathways, and to ensure that the values that have made us so successful and so admired for the past 50 years will remain the core of our identity and our culture in the decades to come.”
In his own note, Ternus, who is 50 years old, said that he would be immediately stepping back from his role as the engineering team’s leader, and that he planned to continue being “very hands on” in his new position as CEO.
In a statementCook said that “It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” and that Ternus is “without question the right person to lead Apple into the future.” Ternus said that he is “profoundly grateful for this opportunity to carry Apple’s mission forward.”
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