Tim Cook will step down as CEO of Apple on September 1, the company announced Monday. He will be replaced by John Ternus, the firm's senior vice president of hardware engineering. Cook, who has led the tech giant for nearly 15 years, will assume the role of executive chairman.
Cook's tenure saw Apple solidify its position as a global powerhouse, building upon the foundation laid by his predecessor, Steve Jobs. He oversaw the launch of major product lines like the Apple Watch and AirPods. The company is now one of the most valuable in the world.
Under his leadership, Apple's market value grew from about $350 billion in 2011 to roughly $4 trillion. Annual revenue nearly quadrupled to more than $400 billion, and active devices topped 2.5 billion worldwide. Cook called the role "the greatest privilege of my life" in a statement.
Ternus steps into the top job at a pivotal moment for the company, which faces pressure to deliver its next major breakthrough. The leadership transition comes as Apple seeks to prove its capabilities in artificial intelligence. The new CEO, a hardware expert, has long been viewed as Cook's likely successor.
The change marks a significant generational shift for one of the world's most influential corporations. Ternus will now be tasked with steering Apple through its next chapter of innovation and growth.