In its announcement, Apple said Tim Cook will step down as CEO in September, ending his 15 years in the role. He will stay on as executive chairman, while John Ternus takes over as the new CEO.
Cook has led Apple since 2011, following Steve Jobs. Under Cook, Apple introduced devices like the Apple Watch and AirPods, and expanded services such as iCloud, Apple Pay, Apple Music, and Apple TV. The company also made its own computer chips, which helped improve speed and battery life across iPhones, Macs, and other devices.
The numbers show Apple’s growth trajectory. Its market value jumped from about $350 billion in 2011 to around $4 trillion. Annual revenue also grew from $108 billion to more than $416 billion by 2025. Apple now has over 2.5 billion active devices worldwide and operates in more than 200 countries and territories.
“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,” Cook said. “I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
Ternus is not a new face inside Apple. He joined the company in 2001 and has spent most of his career working on the hardware side. He became part of Apple’s top leadership team in 2021.
He has been involved in many of Apple’s major product updates, including newer iPhones, Mac computers, and AirPods. More recently, he helped oversee changes to the Mac lineup and newer devices like the iPhone 17 series.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.”
Cook said Ternus is the right person to lead the company next, citing to his long experience and deep involvement in Apple’s products.
As part of the leadership change, Arthur Levinson will shift roles and become lead independent director. Ternus will also join Apple’s board.
