Tim Cook's final day as CEO
Tim Cook bid farewell to his role as Apple CEO on Monday, sending a memo to employees on his last day in the job. In the memo, Cook thanked the team and praised them as an "extraordinary team," reflecting on Apple's culture and paying tribute to co-founder Steve Jobs. He also welcomed incoming CEO John Ternus.
"Today is my last day as CEO of Apple," Cook wrote. "This is a moment I always knew would come one day, and yet it is still hard to believe it has arrived and I am writing these words. I love this company and the team behind it, and I couldn't let this day pass without sending a note to you, to tell you how grateful I am for the outpouring of affection you've sent my way, for the way you've shown up each and every day, and most of all, for the privilege of a lifetime serving as your leader."
Cook, who led Apple since 2011, took over just weeks before Jobs died of pancreatic cancer. He spent nearly three decades at the company. Jobs hired Cook in 1998, and by 2005 Cook was promoted to chief operating officer, cementing his reputation as a savvy supply chain manager.
In the memo, Cook wrote: "Whatever there is to say about my success, I know it is all because of you. You have brought out the best in me. In all my life, I have never seen or been with such an extraordinary team of people before, and every day I get to see more examples of that."
He also invoked Jobs's famous phrase: "We have made it possible to leave our 'dent in the universe,' as Steve once described it."
Cook said he is not leaving Apple, only stepping away from the CEO role. From Tuesday, he becomes executive chairman of Apple's board. He wrote that he will miss leading the company but takes "enormous comfort in handing the helm to someone as brilliant and capable as John."
Under Cook's leadership, Apple has become one of the most valuable companies in the world; its market value exceeded US$4.5 trillion on August 31.
John Ternus takes over
John Ternus takes over as Apple CEO on September 1, becoming only the second CEO to lead Apple after Jobs. Ternus has been with the company since 2001, when he joined its design team, and eventually became senior vice president of hardware engineering.
He gets just over a week to settle in before Apple holds its annual iPhone event on September 9, where it is expected to unveil its first foldable handset.
The handover comes at a time when Apple faces multiple challenges, including a supply chain crunch due to soaring demand for advanced computing chips, pressure to compete on artificial intelligence, and a thorny political landscape in Washington. Apple has around 166,000 employees worldwide, according to its most recent annual report.