Apple names insider John Ternus to succeed Tim Cook as CEO

Tim Cook is stepping down as CEO of Apple on Sept.1, the Big Tech giant said in a shock announcement on Monday afternoon.Cook, 65, will transition to a role as the company’s executive chairman.

John Ternus, the 50-year-old head of Apple’s hardware division, will replace Cook as CEO.Apple said the leadership shakeup was “approved unanimously by the board of directors” and followed a “thoughtful, long-term succession planning process.” Cook had served as CEO since 2011, when he replaced Apple’s late co-founder Steve Jobs.“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said in a statement.“He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.“I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman,” the outgoing CEO added.Meanwhile, Cook’s responsibilities as executive chairman will include “engaging with policymakers around the world,” according to Apple.

Cook has cultivated close relationships with lawmakers on both sides of the aisle, including President Trump, during his tenure at Apple.Apple shares were flat in after-hours trading following the announcement.Cook steered Apple through its surge from a market valuation of about $350 billion in 2011 to roughly $4 trillion today.However, the company has recently endured some key struggles, including weak sales for its Vision Pro augmented reality headsets.Apple has also struggled to implement artificial intelligence features throughout its business and was notably forced to delay the rollout of a planned AI overhaul of its Siri voice assistant due to bugs and glitches.John Giannandrea, who served as Apple’s senior vice president of machine learning and AI strategy since 2018, ...