Tim Cook, the longtime CEO of Apple, will step down from his role. He will become the executive chairman of the company’s board of directors instead.
John Ternus, who is currently the senior vice president of Hardware Engineering, has been named Apple’s new CEO. He will officially take office on September 1.
Apple announced that this decision was unanimously approved by the board of directors.
In a statement, Ternus said the following:
Apple announced that Cook will proudly continue as CEO this summer, supporting Ternus during the transition. In a statement, Cook expressed his enthusiasm for this exciting journey ahead!:
As chairman, Cook will continue to play a vital role in engaging with policymakers. He has had a remarkable journey at Apple since 1998. Moreover, he stepped into the CEO role following the legacy of co-founder Steve Jobs in 2011. This change showcased his unwavering commitment.
Apple’s market capitalization has increased more than twenty-fold during Tim Cook’s tenure, reaching $4 trillion as of Monday’s close. Last year, Cook earned a total compensation of $74.6 million. This included a base salary of $3 million and additional millions from stock awards, according to recent regulatory filings. Forbes estimates his net worth to be close to $3 billion.
However, as Cook prepares to leave, Apple is facing several challenges. These include a complex supply chain, geopolitical tensions, and tariffs imposed by the Trump administration. In addition, there is a memory shortage linked to the soaring demand for AI chips.