Tim Cook is stepping down as Apple’s Chief Executive after 15 years leading the iconic company, with longtime Apple hardware executive John Ternus taking the reins as the new CEO in September, the company announced on Monday.
The CEO change at the $4 trillion company was approved unanimously by Apple’s board of directors after a “thoughtful, long-term succession planning process,” the company said. Cook, one of the world’s most admired CEOs, who turned 65 in November, had been rumored to be nearing retirement but Monday’s announcement came without Apple having previously commented on succession plans.
“Over the coming months I will be transitioning into a new role, leaving the CEO job behind in September and becoming Apple’s executive chairman,” Cook said in a letter to shareholders.
“John cares so much about who we are at Apple, what we do at Apple, who we reach at Apple, and he has the heart and character to lead with extraordinary integrity,” Cook said.
Shares of Apple dipped less than 1% in after hours trading Monday following the news.
While Cook is one of the most respected CEOs in the corporate world, ranking in the top tier of Fortune’s Most Powerful People list for numerous years, Apple has faced some significant challenges in recent years, most notably missing the shift to generative AI technology.
“Investors will view this as mixed as this was a sudden move to Executive Chairman as there was clearly a push for change at the C-Suite,” tech analyst, and longtime Apple bull, Dan Ives wrote in a note to investors on Monday.
Still, the CEO change ends an extraordinary run by Cook , who succeeded Apple’s legendary co-founder Steve Jobs as CEO in 2011, stepping into perhaps the biggest shoes to fill in business history. A skilled operator whose mastery of supply chains helped Apple thrive during the Jobs era, Cook immediately faced questions about whether he had the vision to continue Apple’s track record of innovation.
The iPhone was only a few years old and Apple’s $349 billion market cap was just a fraction of what it is today when Cook took the CEO reins. Under Cook, the iPhone has grown to become a $210 billion per year business, generating nearly half of the company’s revenue. Apple has also introduced new hit products including the Apple Watch and Apple’s wireless Airpods, and the services business has mushroomed into Apple’s second largest business, generating $109 billion in revenue last year.
Cook also led the way by coming out as gay in 2014, becoming the first CEO of a Fortune 500 company to ever do so. “I don’t consider myself an activist, but I realize how much I’ve benefited from the sacrifice of others, Cook wrote in a Bloomberg editorial that year. “So if hearing that the CEO of Apple is gay can help someone struggling to come to terms with who he or she is, or bring comfort to anyone who feels alone, or inspire people to insist on their equality, then it’s worth the trade-off with my own privacy.”
Much of Cook’s tenure as CEO involved dealing with the unpredictable political and economic issues that resulted from Donald Trump’s two terms as President of the United States. During Trump’s first term, Cook proved particularly adept at insulating Apple from the tariffs and other risks caused by a trade war with China.
With Ternus, 51, Apple is reverting to putting the company in the hands of a “product person,” and picking a company insider for the top job. A competitive swimmer in college, Ternus joined Apple in 2001 and has overseen the company’s hardware efforts as SVP of Hardware Engineering since 2021. According to Apple, he was instrumental in the development of the iPad and AirPods, and in new generations of the iPhone, Mac, and Apple Watch.
“You will feel his impact in every bit of delight and discovery that grows out of the products and services to come,” Cook said in his letter to shareholders.
This story was originally featured on Fortune.com
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