Apple’s long-term CEO Tim Cook has officially left the company and stepped into the role of executive chairman of the company’s board of directors, effective immediately.
John Ternus, the SVP of Hardware Engineering, will become Apple’s new CEO, and Cook will continue to assist with certain parts of the business.
Cook joined the major technology company in 1998 and became CEO in 2011 and has since overseen the introduction of multiple products, including the Apple Watch, AirPods, and Apple Vision Pro.
During his time at the company, Apple increased its market value from approximately $350bn to $4tn, which marks a significant rise of over 1,000 per cent.
Additionally, the US-based technology business scaled its global reach significantly and now has a presence in over 200 countries and territories.
As part of his new role as executive chairman, Cook will help with certain parts of the company, which includes engaging with policymakers around the world.
This leadership transition was agreed upon unanimously by the board of directors after a long-term succession planning process.
Cook said: “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.
“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 first joined Apple in 2001 and took on the role of VP of Hardware Engineering in 2013. He was promoted to Apple’s senior executive team in 2021 as SVP of Hardware Engineering.
During his time at the company, he has overseen hardware engineering work on a variety of products across every category.
Ternus said: “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.”
This marks a major shift for the company, which is undergoing a CEO transition for the first time in 15 years.
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