Tim Cook will step down as Apple’s CEO later this year, the iPhone maker announced Monday, and will be replaced by Apple hardware engineering executive John Ternus.
Key Facts
Ternus will take over as CEO on September 1, according to a statement, which said the transition was approved unanimously by Apple’s board after a “thoughtful, long-term succession planning process.”
Cook will become Apple’s executive chairman, assisting with “certain aspects of the company” and representing it in meetings with policymakers.
Ternus, who became Apple’s senior vice president of hardware engineering in 2013, will join the company’s board of directors in September.
Ternus recently worked on the development and release of the MacBook Neo, Apple’s new budget laptop option, as well as the iPhone 17, iPhone Air and AirPods.
Who Is John Ternus?
Ternus has worked for Apple since 2001, when he joined the company’s product design team. He became a vice president of hardware engineering in 2013 and the senior vice president of hardware engineering in 2021. Apple said in Monday’s announcement that Ternus was “instrumental” in the introduction of the iPad and AirPods, also playing a leading role in product reliability and durability. Steve Siefert, Ternus’ first boss at Apple, told The New York Times that Ternus was a “man of the people,” citing his refusal to take a managerial office space when he received a promotion. The Times noted Ternus has not had much exposure to the political and policy matters closely tied to Apple’s executive offices.
Key Background
Cook has led Apple as CEO for nearly 15 years and worked for the company since 1998. Apple’s market capitalization has increased by more than 14 times since he took hold of the company following Steve Jobs’ resignation and death in 2011. Apple is now the third most valuable company in the world, placing behind Alphabet and Nvidia with a market cap of $4 trillion. Cook oversaw the introduction of wearables like the Apple Watch and services like iCloud at Apple, as well as the company’s transition to proprietary technology and silicon. Cook said he was “humbled” to become executive chairman and promised “to lead with the values and vision that have come to define this special place for half a century.”
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