After nearly 15 years of leading Apple, Tim Cook is set to step down as CEO, marking the first CEO transition for the tech juggernaut following co-founder Steve Jobs’ passing in 2011.
The announcement comes in the wake of rumours that the company is looking for a new successor, with John Ternus, the current senior vice president of hardware engineering, taking over the reins on 1 September. The transition was made after “a thoughtful, long-term succession planning process”, according to Apple, and was approved unanimously by the board of directors.
“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 in a statement. “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.”
The 50-year-old will have big shoes to fill when he becomes CEO — under Cook’s leadership, the company’s annual profit increased fourfold to over US$110 billion, while its value jumped more than 10 times to US$4 trillion. Part of the earnings can be attributed to ventures into new product and service categories during the 15-year window, including Apple TV and Apple Music. Following his exit, Cook will join Apple’s board of directors as executive chairman.
Before Cook took over from Jobs, he served as the tech giant’s COO and as head of the Macintosh division. As for Ternus, the company veteran joined in 2001 and has overseen hardware engineering work on a variety of products across every category, rising through the ranks to SVP of hardware engineering in 2021.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said the company veteran in a statement. “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.”
Si Jia is a casual geek at heart – or as casual as someone with Sephiroth’s theme on her Spotify playlist can get. A fan of movies, games, and Japanese culture, Si Jia’s greatest weakness is the Steam Summer Sale. Or any Steam sale, really.
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