Tim Cook steps back as Apple appoints hardware chief as new CEO
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Apple, one of the world’s most valuable companies, is getting a new chief executive, marking a new chapter in the story of what has become arguably the most influential company in consumer technology.The Cupertino, Calif., smartphone maker said Monday that John Ternus, senior vice president of hardware engineering, will become Apple’s chief executive on Sept.1.
Tim Cook, who has served as chief executive for roughly 15 years, will become executive chairman of the company’s board of directors, the company said.He was long expected to step down soon.Under Cook’s leadership, Apple’s market capitalization grew to $4 trillion from about $350 billion, according to the company.
Its revenue ballooned from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.Apple also expanded its business under Cook’s tenure, including its presence in entertainment with Apple TV and Apple Music.People also use other services such as Apple Pay and iCloud to store their photos, videos and other content.The leadership transition marks a new era for Apple, which turned 50 years old in April.
The company has revolutionized technology, selling popular consumer electronics including iPhones and smartwatches.Business The maker of the iPhone, iPad and other popular consumer gadgets hits a milestone this week, reaching its 50th anniversary.But the company has lagged behind as its rivals such as OpenAI, Google, Meta and more move quickly to dominate the artificial intelligence race.
It has also had to grapple with tariffs and criticism for manufacturing its products in other countries, such as China and India, during President Trump’s second term.“These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions.Apple is making a major transition on its AI strategy, and longtime CEO and legendary Cook leaving ...