Tim Cook will step down as CEO of Apple in September, the company announced on Monday.
Cook has been with Apple since 1998 and has served as CEO since 2011, succeeding Steve Jobs, who passed away later that year.
On 1 September, Cook, now 65, will leave his role as CEO. He will be succeeded by John Ternus, 51, who joined Apple in 2001 and has led the company’s hardware division since 2021.
Cook described leading Apple as “the greatest privilege of my life.” Although stepping down as CEO, he will remain with the company as executive chairman of the board. In this role, Cook plans to assist Apple in areas such as liaising with policymakers globally.
Current non-executive chairman Arthur Levinson will continue as an independent board member. Levinson praised Cook’s leadership, calling it “unprecedented and exemplary,” and credited Cook with introducing groundbreaking products and maintaining Apple’s integrity and values.
During Cook’s tenure, Apple released products such as the Apple Watch and AirPods, along with services such as iCloud, Apple TV, and Apple Music.
The company’s market value soared from $350 billion to $4 trillion, with revenue growing from $108 billion in 2011 to over $416 billion projected for 2025.
