Tim Cook is to step down as chief executive of Apple Inc. after nearly 15 years in the role, the company has announced.
He will hand over leadership to John Ternus, Apple’s head of hardware engineering, on 1 September, while remaining with the company as executive chairman.
Mr Cook, who took over from Steve Jobs in 2011, oversaw a period of significant growth driven largely by the success of the iPhone and expansion into new products and services. During his tenure, Apple’s market value rose by more than $3.6 trillion, with annual revenue increasing substantially.
In a statement, Mr Cook described leading Apple as the “greatest privilege” of his career. Under his leadership, the company launched products such as the Apple Watch and AirPods, alongside services including Apple Music and Apple Pay.
Mr Ternus, who became senior vice president of hardware engineering in 2021, has played a key role in the development of several Apple products. Apple said his appointment marks the next phase in the company’s leadership, as Mr Cook continues to support the business in a strategic role.
