Apple (NASDAQ:AAPL) announced that Tim Cook will step down as CEO after a nearly 15-year tenure that transformed the iPhone maker into a US$4 trillion titan.
Cook, 65, is set to transition into the role of executive chairman this September, handing the reins to John Ternus, the company's 50-year-old hardware engineering chief.
The transition marks the end of a historic era; under Cook’s stewardship, Apple’s annual profits quadrupled to over US$110 billion, and the company’s market value ballooned tenfold.
While Cook was often compared to the visionary Steve Jobs, he successfully diversified Apple’s portfolio with the Apple Watch, AirPods, and a robust services division including Apple Music.
The appointment of Ternus signals a strategic pivot from Cook’s supply-chain expertise towards a product-focused leadership style.
Ternus, a University of Pennsylvania graduate who joined the firm in 2001, has been credited with revitalising the Mac line.
In a statement, Ternus expressed profound gratitude, noting he was "lucky" to have been mentored by both Jobs and Cook.
However, the incoming leader faces immediate pressure as the industry grapples with the rapid ascent of artificial intelligence and the mixed reception of recent ventures like the Vision Pro headset.
To bolster the new leadership team, Johny Srouji has been elevated to chief hardware officer, ensuring the company’s custom silicon remains at the heart of its competitive edge.