Apple CEO Tim Cook will step down in September, succeeded by hardware chief John Ternus, as the tech giant faces AI challenges
SAN FRANCISCO: Apple’s Tim Cook will step down as chief executive this year, ending a 15-year run leading the California tech giant.
Cook, 65, will be succeeded by John Ternus, a senior vice president of hardware engineering, and will become executive board chairman in September.
“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.
He took the reins from co-founder Steve Jobs in 2011 after joining Apple in 1998 and serving as chief operating officer.
Cook is credited with expanding Apple’s product line and ramping its market value to around $4 trillion.
He also masterminded the strategy that made China the primary manufacturing base for Apple devices.
“Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company,” outgoing board chairman Arthur Levinson said.
Ternus joined Apple’s product design team in 2001 and rose to lead hardware engineering over two decades.
He played key roles in developing iPhones, iPads, the Apple Watch and Mac computers.
“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,” Ternus said.
The transition comes as Apple marks its 50th anniversary and navigates a technology landscape being upended by AI.
“Ternus is not an unexpected choice, and he has a pedigree in hardware engineering, which will be critical for Apple’s future foray into AI,” said Kathleen Brooks of XTB.
Analysts noted there will be significant pressure on Ternus to produce immediate success, especially in artificial intelligence.
“Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise,” Wedbush analyst Dan Ives told investors.
A concern for investors is that Apple appears to be easing into AI while rivals like Google and Microsoft race ahead.
The company recently delayed a promised upgrade to its Siri digital assistant, a rare stumble.
Rather than relying solely on its own engineers, Apple has turned to Google for AI capability.
While Cook guided Apple into new categories like watches and AirPods, his tenure also saw notable setbacks.
Apple spent billions on a self-driving electric vehicle project it scrapped in 2024.
The Apple Maps service launched in 2012 was so error-prone that Cook published a public apology.
The Apple Vision Pro headgear, a technical marvel priced at $3,500, has also found little market traction.