After nearly 15 years as CEO, Tim Cook is stepping down as Apple's CEO Apple on September 1st and will be replaced by John Ternus, its current Senior Vice President of Hardware Engineering.
Ternus, 51, has worked for only two employers in his 29-year career, joining Apple in 2001 after four years at virtual reality headset maker Virtual Research Systems, has had a hand in all Apple’s hardware, apart from the earlier iPhones, and describes Cook as a “mentor.” Since 2013 he has been overseeing hardware for the Mac and iPad lines - and later AirPods - and was appointed to run Apple’s iPhone hardware division in 2020.
He has long been seen as the front runner for the position of CEO ever since rumours started swirling about Cook’s impending departure, and he has been taking an increasingly public role at events and product launches. Cook praised him as having the “mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” in his official statement, adding “He is without question the right person to lead Apple into the future.”
“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,” Cook said. “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.”
Cook took over from the late Steve Jobs in 2011 and has overseen Apple’s market cap rise from $350 billion then to over $4 trillion today. Part of this was down to his legendary control over operations and expenses, but he was also key in growing Apple’s services like iCloud and Apple Pay to Apple TV and Apple Music, which generated $30 billion for the business in its most recent quarterly results.
Under Cook’s leadership the company launched the Apple Watch, AirPods, the Vision Pro headset, and oversaw the switch from Intel processors to Apple’s homegrown Silicon lineup - all of which Ternus had a hand in too.
“It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another,” Ternus said. “I promise to lead with the values and vision that have come to define this special place for half a century.”
Ternus’s appointment continues Apple’s tradition of promoting from within and he’s popular within the company, and with investors. The company’s stock price barely budged with the announcement. If President Trump’s tariff refunds come through he will also see a nice profit boost - Apple has paid over $3 billion as a result of the administration’s policies and is now expecting to see at least some of that money returned.
Cook is staying on at Apple as executive chairman of the board of directors, replacing Arthur Levinson who has handled the job since Steve Jobs died. Levinson will stay on the board and Cook will now be focussing on “engaging with policymakers," a role he is already adept at - persuading Trump not to boost tariffs further by giving him an engraved glass plaque set in a 24-karat gold base, donating to his inauguration and ballroom, and sitting through the White House screening of the Melania documentary about the First Lady.
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