Tim Cook to step down as CEO of Apple: ‘the greatest privilege of my life’ | Apple
Apple announced Monday that it has appointed a replacement for Tim Cook as CEO, with head of hardware engineering John Ternus replacing him on Sept. 1. Cook will remain at the company as chairman.
“It has been the greatest privilege of my life to be Apple’s CEO and to be trusted to lead such an extraordinary company. I love Apple with every fiber of my being,” Cook said in a press release.
Cook, who replaced Apple co-founder Steve Jobs, has served as CEO since 2011. He oversaw the company’s global expansion and stable of new, updated devices, but never achieved the same status as a technology visionary as Jobs.
Cook’s tenure as CEO marked a lucrative period of expansion for Apple as it solidified its products in society and sought new markets, most notably the iPhone. Earlier this year, Apple reported its best quarter ever for iPhone sales, driven by renewed demand in China. The company’s market value has grown from $350 billion during 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. Ternus, who is seen as a possible candidate to take over the position, has been working at the company since 2001. In a statement announcing his new position, he announced that he worked under Jobs and described Cook as his mentor.
“I am honored to step into this role and pledge to lead with the values and vision that have defined this special place for half a century,” Ternus said.
Ternus will take over a highly successful company that faces increasing questions about its future. Apple came under close scrutiny last year as investors questioned how it planned to integrate artificial intelligence into its products. The company hasn’t been as prominent a player in the AI boom as some of its rivals, and it sometimes chooses to integrate third-party AI tools like Siri into its products. Although its core businesses, sales of phones and computers, remain strong, its new products such as the Vision Pro have failed to meet consumer demand.
More details coming soon…
