Apple Executive John Ternus Will Replace Tim Cook As CEO

Apple announced that CEO Tim Cook will step down later this year, with hardware engineering executive John Ternus set to take over on September 1st. This transition follows a unanimous board approval after extensive succession planning. Cook will move into the role of executive chairman, assisting the company in specific areas and engaging with policymakers. Cook has been at the helm of Apple for nearly 15 years, joining the company in 1998. During his tenure as CEO, Apple’s market capitalization has grown significantly, making it the third most valuable company globally with a $4 trillion market cap, behind Alphabet and Nvidia. Under his leadership, Apple introduced products like the Apple Watch and services such as iCloud, and transitioned to its own silicon technology. Ternus, who has been with Apple since 2001, previously led the hardware engineering team and was instrumental in the development of key products like the iPad and AirPods, as well as focusing on product reliability. He will also join Apple's board of directors in September. Ternus has recently been involved with the MacBook Neo, iPhone 17, iPhone Air, and AirPods. Cook expressed his humility and commitment to leading with Apple's established values as executive chairman.