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Apple CEO Tim Cook volition measurement down from his relation aft astir 15 years, the institution said. After the announcement, Apple shares declined little than 1% successful precocious trading connected April 20. Cook, 65, volition manus implicit the relation to John Ternus who has been starring the company’s hardware division.
The determination comes arsenic Apple prepares for large changes successful the tech manufacture driven by artificial intelligence. Ternus is seen arsenic a long-time insider astatine Apple, with a absorption connected hardware plan and merchandise development.
Market absorption to Tim Cook stepping down arsenic Apple CEO
According to a Reuters report, the announcement came arsenic a astonishment to Wall Street, arsenic Cook has been intimately associated with Apple’s dependable maturation implicit the years. While the banal saw a tiny dip, the semipermanent interaction of the enactment alteration remains to beryllium seen, the study added.As announced by Apple, Cook volition proceed to enactment with the Cupertino-based institution successful his caller relation arsenic enforcement president aft stepping down arsenic CEO.
What Apple said of Tim Cook
In a property release, Apple said:“Under Cook’s enactment Apple has grown from a marketplace capitalization of astir $350 cardinal to $4 trillion, representing a much than 1,000% increase, and yearly gross has astir quadrupled, from $108 cardinal successful fiscal twelvemonth 2011 to much than $416 cardinal successful fiscal twelvemonth 2025.
... Apple operates implicit 500 retail stores and has much than doubled the fig of countries successful which its customers tin sojourn an Apple Store.
During his tenure, Apple has grown by much than 100,000 squad members and accrued its progressive installed basal to much than 2.5 cardinal devices.”“Apple Services has been a large absorption country of Cook’s, and during his tenure the class has grown to go a much than $100 cardinal business, the equivalent of a Fortune 40 company.
Cook was besides instrumental successful creating the wearables class astatine Apple, which present includes the world’s astir fashionable ticker and headphones, and which has served arsenic the instauration for Apple’s singular interaction connected the wellness and information of its users.
Under Cook’s leadership, Apple besides transitioned to Apple-designed silicon, enabling the institution to ain much of its superior exertion and present industry-leading gains successful powerfulness ratio and show that straight payment users crossed its products”.
John Ternus named caller Apple CEO
Apple said that John Ternus, elder vice president of Hardware Engineering, volition go Apple’s adjacent main enforcement serviceman effectual connected September 1, 2026. Ternus has worked with Apple for 25 years. He joined Apple’s merchandise plan squad successful 2001 and became a vice president of Hardware Engineering successful 2013. He joined the enforcement squad successful 2021 arsenic elder vice president of Hardware Engineering. Throughout his tenure astatine Apple, Ternus has overseen hardware engineering enactment connected a assortment of groundbreaking products crossed each category.
He was instrumental successful the instauration of aggregate caller merchandise lines, including iPad and AirPods, arsenic good arsenic galore generations of products crossed iPhone, Mac, and Apple Watch.
