Photo: VALERIE MACON / AFP / Getty Images
Tim Cook is stepping down as CEO of Apple this week, marking the end of an era for the tech giant. Cook, who has led Apple since 2011, will transition to the role of executive chairman on Tuesday (September 1). John Ternus, previously the senior vice president of Hardware Engineering, will assume the position of CEO.
Cook expressed his gratitude for his time at Apple, calling it "the greatest privilege of my life." Under his leadership, Apple saw a significant increase in market capitalization and revenue, along with the introduction of groundbreaking products like the Apple Watch and AirPods. Cook also emphasized Apple's commitment to privacy and environmental sustainability during his tenure.
Ternus, who has been with Apple since 2001, is set to bring his extensive experience in design and hardware engineering to his new role. He stated, "I am profoundly grateful for this opportunity to carry Apple’s mission forward." Ternus has been instrumental in the development of several key products, including the iPad and AirPods, and has led advancements in materials and hardware design.
Arthur Levinson, Apple's non-executive chairman for the past 15 years, will become the lead independent director, while Ternus will join the board of directors. The transition was unanimously approved by Apple's board of directors, following a long-term succession planning process.
As Cook steps into his new role, he will continue to engage with policymakers worldwide and assist with certain aspects of the company. Meanwhile, Ternus plans to make sweeping changes to Apple's management team as he leads the company into the future.