Tim Cook, the tech boss who led Apple to become a $4 trillion company in its post-Steve Jobs era, is stepping down after 15 years in the top job. John Ternus, an Apple veteran of 25 years, who is currently the U.S. company’s Vice President of Hardware Engineering, will take over from September.
Cook, who joined Apple in 1998, said leading the California-based tech firm had been the honour of his life according to a statement released by Apple.
“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,” he 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 who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” he added.
Cook, 65, will remain as CEO through summer to oversee the transition, before becoming Executive Chairman of Apple’s board of directors.
Ternus, 51, said he was looking forward to developing the company as its new CEO.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” he said.
“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. 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 added.
Cook steered Apple in the aftermath of the death of its co-founder and personal computer pioneer Steve Jobs in 2011.
Under Cook’s leadership, Apple’s market capitalisation grew from $350 billion to $4 trillion, while yearly revenues almost quadrupled from $108 billion to $416 billion, and the company spread to more than 200 countries and territories.
Cook was instrumental in the creation of Apple’s wearables category, such as the Apple Watch and Apple AirPods, which are now the world’s best-selling watch and headphones.
Ternus joined Apple’s product design team in 2001 and became Vice President of Hardware Engineering in 2013.
He played an essential role in the introduction of multiple new product lines, including the iPad and AirPods, as well as upgrading and improving existing items like the MacBook and iPhone.
The transition comes at a crucial time for Apple. After years on top of the most-valuable company scoreboard, Apple has lost its crown to artificial intelligence chipmaker Nvidia, as investors have fretted over its lack of innovation in the technology that is changing how people work, create and get information.
Integrating AI into the iPhone - the most successful consumer product in history - may be Ternus' hardest challenge according to analysts.
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