Tim Cook Steps Down as Apple CEO, John Ternus Takes Over $4tn Company

Emmanuel Addeh in Abuja

Apple has announced that it has named a replacement for Tim Cook as Chief Executive Officer of the company, after nearly 15 years, with head of hardware engineering, John Ternus, expected to succeed him on September 1.

However, Cook, who in a statement described his time as the CEO of Apple as the greatest privilege of his life, will stay at the company currently valued at  $4 trillion in the role of executive chair.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company. I love Apple with all of my being,” Cook said in a press release.

Cook, 65, who succeeded Apple co-founder Steve Jobs, has been CEO since 2011. With a reputation for operational and supply chain management, he has overseen the global expansion of the company and its steady series of new, updated devices, though never attained the same tech visionary status as Jobs.

Cook’s tenure as CEO has marked a lucrative period of expansion for Apple as it entrenched its products in society and sought out new markets, in particular the iPhone. Apple reported earlier this year it had its best ever quarter for iPhone sales, driven by renewed demand in China.

The tech giant’s yearly profits now top $100 billion, and its stock has been on a continued rise for more than a decade. Under his leadership, the company introduced the Apple Watch and its AirPods line of headphones, which Ternus was also involved with on the hardware engineering side.

Besides, Cook also presided over the launch of services like Apple Music and Apple TV+. The company’s market capitalisation grew from around $350 billion at the start of Cook’s time to over $4 trillion today.

A succession plan for Cook has been in the works since at least last year, according to the New York Times. Cook has proven to be a successful political dealmaker in maintaining Apple’s global supply chain, successfully negotiating with Donald Trump and Xi Jinping alike.

He will maintain a role at the company that entails “engaging with policymakers around the world,” per Apple’s press release.

Ternus, 50, was viewed as a likely candidate to take over. He has been at the company since 2001. In a statement announcing his new role, he touted working under Jobs and described Cook as a mentor. Cook said Ternus had “the mind of an engineer and the soul of an innovator”.

In the same press release, Ternus said: “I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Ternus will inherit an immensely successful company that nevertheless faces increasing questions over its future. Apple has faced close scrutiny in the past year as investors have questioned how it plans to integrate AI into its products.

The company has not been as prominent a player in the AI boom as some of its competitors, choosing to sometimes integrate third-party AI tools into its products such as Siri.

Though its core businesses of phone and computer sales remain strong, its new products like the Vision Pro have failed to inspire consumer demand.

“The transition, which was approved unanimously by the Board of Directors, follows a thoughtful, long-term succession planning process. Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world,” the statement from Apple stated.

Tim Cook joined Apple in 1998. He became CEO in 2011 and has overseen the introduction of numerous products and services, including new categories like Apple Watch, AirPods, and Apple Vision Pro, and services ranging from iCloud and Apple Pay to Apple TV and Apple Music.

He was also instrumental in expanding existing product lines. “Under Cook’s leadership Apple has grown from a market capitalisation of approximately $350 billion to $4 trillion, representing a more than 1,000 per cent increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.

“The company has expanded its global footprint substantially, particularly in emerging markets; it is now in more than 200 countries and territories. Apple operates over 500 retail stores and has more than doubled the number of countries in which its customers can visit an Apple Store. During his tenure, Apple has grown by more than 100,000 team members and increased its active installed base to more than 2.5 billion devices, the statement added.