Tim Cook stepping down as Apple CEO, John Ternus taking over

In a significant shift for the tech giant, Tim Cook announced his resignation as CEO of Apple on Monday, a position he has held since 2011 after succeeding the late Steve Jobs. John Ternus, who currently serves as Senior Vice President of Hardware Engineering, will assume the role of CEO starting September 1, 2023. While Cook will continue with Apple as executive chairman, Ternus will also join the board of directors. Arthur Levinson, who has been Apple’s non-executive chairman for the last 15 years, will step into the role of lead independent director on the same date. This transition has been anticipated for some time and marks the conclusion of a remarkable era under Cook’s leadership. When he took over, the company was grappling with uncertainty following Jobs’s death from pancreatic cancer just weeks after he officially passed on the CEO title. Under Cook, Apple transformed into a $4 trillion enterprise, with its annual revenue soaring more than fourfold. "Serving as CEO of Apple has been the greatest honor of my life," Cook expressed in a statement. He emphasized his deep connection to the company and gratitude for the opportunity to work alongside a dedicated and innovative team. Cook joined Apple in 1998, initially tasked with revamping a troubled supply chain rather than leading as a visionary. His expertise in operations, honed during his time at IBM and other tech firms, allowed him to streamline processes and enhance Apple's manufacturing capabilities. Although there were doubts about anyone being able to fill Jobs's shoes, Cook proved his competency by effectively managing the company during Jobs's health-related absences, ultimately becoming the obvious successor. Despite some missteps, including the lukewarm reception of the Apple Vision Pro mixed-reality headset, Cook's tenure has been marked by substantial successes. He spearheaded the growth of Apple Services, which now generates over $100 billion annually, and played a pivotal role in establishing the wearables segment, with the Apple Watch capturing around 25% of global smartwatch sales last year. Levinson praised Cook's exceptional leadership, noting that his values have been integral to Apple's identity. Ternus, 51, will take the reins with a wealth of experience at Apple, having spent nearly his entire career within the company. An alumnus of the University of Pennsylvania, he has been a key player in the development of products like the iPad, AirPods, and various iPhone generations. Recently, he oversaw the launch of the new iPhone lineup, which includes the iPhone 17 Pro and Pro Max. Ternus has also prioritized sustainability and repairability, implementing innovative materials and manufacturing processes that lessen Apple's environmental impact. Addressing his new role, he expressed gratitude for the mentorship he received from both Jobs and Cook, vowing to uphold the values that have characterized Apple for decades. Cook endorsed Ternus, stating he possesses the right qualities to lead Apple into its next chapter.