Tim Cook steps down as Apple CEO after 15 years, passes leadership to John Ternus
Tim Cook has officially marked the end of his tenure as Apple CEO after nearly three decades with the company, including 15 years at its helm. Cook handed over leadership to John Ternus, who becomes only the second CEO to lead Apple since Steve Jobs.
In his final memo to staff, Cook paid tribute to Jobs, reflecting on how Apple had turned his vision into reality. Cook wrote that the company had made it possible to leave its 'dent in the universe,' a phrase famously associated with Jobs. He also praised employees, calling them 'extraordinary' and saying, 'I have never seen or been with such an extraordinary team of people before.' He added that it had been the privilege of a lifetime to serve as their leader.
Cook's journey with Apple began in 1998, when Jobs personally recruited him. At the time, Cook was working at Compaq, a much larger and more valuable company than Apple. Despite several approaches, Cook initially declined, but eventually agreed to meet Jobs. In that meeting, Jobs shared his vision to take Apple into the consumer market, a plan that would ultimately lead to products like the iMac. Cook later recalled that conventional calculations and spreadsheets did not support the move, but he believed he could make a meaningful contribution and that working with Jobs was a once-in-a-lifetime opportunity.
Cook became chief operating officer in 2005 and took over as CEO in 2011, shortly before Jobs' death. During his tenure, Apple's market valuation surpassed $4.5 trillion, making it one of the most valuable companies in the world. The company now employs around 166,000 people globally, according to its most recent annual report.
John Ternus, who joined Apple's design team in 2001 and later became senior vice president of hardware engineering, will take over as CEO on September 1. He inherits a company facing multiple challenges, including a supply chain crunch driven by soaring demand for advanced computing chips, competitive pressure in artificial intelligence, and a complex political landscape in Washington.
Ternus will have little time to settle in; Apple's annual iPhone event is scheduled for September 9, where the company is expected to unveil its first foldable handset.
Cook will remain with Apple as executive chairman.