Tim Cook announced his retirement as CEO of Apple, transitioning to the role of “executive chairman,” effective this fall. John Ternus, Senior Vice President of Hardware Engineering, has been appointed as the new CEO. The Apple board unanimously approved the leadership transition.
The shift in leadership marks the end of Cook’s more than a decade-long tenure as CEO. Cook expressed his commitment to continue influencing the company during the transition and in his new position. He emphasized his deep connection to Apple and lauded Ternus’s engineering acumen and visionary contributions over 25 years.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and honor,” Cook stated. He assured investors of his ongoing involvement as the company navigates its first CEO change since the passing of Steve Jobs in 2011.
Apple’s announcement highlighted Cook’s achievements, including initiatives to lessen the company’s carbon footprint. Over a third of the announcement detailed Ternus’s background, underscoring his role in developing iconic products such as the iPhone and iPad, despite his relatively low public profile.
Ternus expressed gratitude for having worked under Jobs and Cook, promising to uphold Apple’s established values and vision. “I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century,” Ternus said.
Following the announcement, Apple shares saw a dip in after-hours trading, though the stock quickly recovered most of those losses within an hour.
