Apple’s Tim Cook reveals why he decided to step down as CEO and explains how he chose successor

For most of the last 15 years, Tim Cook has maintained Apple’s position as the world’s largest publicly traded company.

But two weeks ago, Cook informed shareholders that “the time was right” for him to step down as chief executive.

He listed three key factors behind his timing: Apple’s strong performance, a ‘remarkable’ product line-up and a perfect successor, John Ternus, willing to take the reins.

“I looked at the performance of the company… and it was phenomenal,” Cook told FOX Business. ‘I wanted to announce this at a time when our roadmap is incredible… and I wanted to announce that John is ready and John is ready.’

Apple announced last week that Cook would step down from his position on September 1 and become executive chairman, with the company’s hardware chief Ternus taking over as CEO.

Although Cook, 65, has stepped down as chairman, he is expected to be particularly influential in maintaining the company’s relationship with President Donald Trump.

It will also have a large share in the strategic direction of the company as it prepares for the biggest iPhone revision in recent years, including its first foldable model.

The leadership change comes as Apple is posting strong results this week, posting record quarterly results; revenues increased 17 percent year over year and iPhone sales increased 22 percent.

Tim Cook said it was ‘the right time’ to step down as Apple’s CEO after 15 years, explaining three key factors behind his decision to hand over the reins to his successor, John Ternus.

Cook said the move was down to the company’s strong performance, ‘exceptional’ product range and the preparation of his successor

Although Cook, 65, has stepped back from his senior role, he is expected to be particularly instrumental in maintaining the company’s relations with President Donald Trump.

Cook said the results would have been even stronger if supply constraints had not hindered the company.

These pressures include ongoing conflicts in the Middle East, which are weighing on Apple’s revenue and costs as disruptions from the war in Iran reverberate across global supply chains.

At the same time, Apple is facing increasing scrutiny over its position in the AI ​​race as rivals such as Microsoft, Amazon and Meta increase spending, in some cases with massive layoffs.

Cook rejected the perception that Apple was lagging behind, saying the company was “growing significantly” and pursuing a “hybrid model” that relies on both its own infrastructure and third-party data centers.

Still, Apple has faced criticism for delays in rolling out promised AI features, putting more pressure on the new CEO as he prepares to move beyond his hardware roots.

Ternus, 51, will also have to contend with rising memory chip prices, which have risen almost 500 percent since August and are straining margins.

Apple will seek refunds for taxes paid under Trump-era tariffs, Cook said during the company’s last earnings call, adding that any returns would be reinvested in innovation and manufacturing in the United States.

Ternus spent more than two decades at Apple and currently leads the engineering behind the iPhone, iPad and Mac.

Under Cook, Apple has aggressively expanded into services like Music, TV and iCloud, and wearables like the Watch, reducing reliance on the iPhone and turning its ecosystem into a cash-generating machine.

Ternus’ appointment appears to be carefully timed, following the company’s 50th anniversary celebrations and ahead of the annual WWDC developer conference in June.

When Cook leaves office, he will leave behind a massive legacy: returning almost 2,000 percent to shareholders and increasing Apple’s market value more than tenfold during his tenure.

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and honor,” Cook said in a statement.

‘He is a visionary whose contributions to Apple over 25 years are countless, and there is no doubt that he is the right person to lead Apple into the future.’