On April 20 local time, Apple Inc. officially announced that Tim Cook will step down as CEO on September 1, transitioning to the role of Executive Chairman of the Board. John Ternus, the current Senior Vice President of Hardware Engineering, will take over as the third official CEO of Apple, succeeding Steve Jobs and Tim Cook.
Apple stated that Cook will continue to fulfill his duties as CEO during the summer, working closely with Ternus to ensure a smooth leadership transition. As Executive Chairman, Cook will remain involved in key company matters, including engagement with global policymakers. Under Cook's leadership, Apple's annual profit has surged to over $110 billion, quadrupling from previous levels, while the company's market capitalization has grown more than tenfold to approximately $4 trillion.
This news, while widely anticipated, marks the end of a significant chapter in tech history. After 15 years at the helm of the tech giant, Cook is passing the baton to John Ternus, Apple's hardware engineering chief. This transition represents not only a change in leadership but also a pivotal shift as Apple moves beyond the "Cook era" toward future strategic directions.
Cook's achievements over the years are widely recognized. In 2011, he took charge just before Steve Jobs' passing, amid widespread skepticism that he was merely a "caretaker" lacking Jobs' visionary creativity. Fifteen years later, Cook has silenced all doubters with an impeccable track record.
Under his leadership, Apple's annual revenue has nearly tripled, achieving remarkable growth. The company's market capitalization soared from around $350 billion to $4 trillion—an increase of over 1,000%—while annual revenue grew nearly fourfold, from $108 billion in fiscal 2011 to over $416 billion in fiscal 2025.
Cook's most significant achievement lies in successfully transforming Apple from a hardware-dependent company into one that integrates hardware and software with a services-first approach. Revenue from services—including the App Store, Apple Music, iCloud, and financial services—has become Apple's second-largest revenue stream after the iPhone. While the iPhone remains core, products launched under Cook's tenure, such as the Apple Watch and AirPods, have not only defined the wearable device market but have also grown to rival the scale of Fortune 500 companies.
Additionally, during Cook's tenure, Apple significantly expanded its global footprint, particularly in emerging markets. The company now operates in over 200 countries and regions, with more than 500 retail stores—more than double the number of countries and regions covered by Apple Stores at the start of his leadership. Apple's workforce has also grown by over 100,000 employees.
Some international media have noted that Cook, alongside Nvidia's Jensen Huang, has created more value than any other U.S. CEO. Through exceptional supply chain management and capital operations, he has built Apple into a highly profitable enterprise with robust cash flow.
Among Cook's deputies, John Ternus—a 25-year Apple veteran—has been chosen as his successor. Ternus has long led efforts in product reliability and durability, significantly enhancing product resilience through innovative manufacturing techniques. He has also championed material innovation and hardware design upgrades, developing new recycled aluminum alloys widely used across multiple product lines. In contrast to Cook's financial background, Ternus is a pure technologist.
In his farewell letter, Cook praised his successor: "John Ternus is an exceptional engineer and thinker. Over the past 25 years, he has dedicated himself to crafting the Apple products our users love, focusing on every detail and exploring every possibility to make them more delightful, bold, beautiful, and meaningful. He is the ideal person for this role." Cook also emphasized Ternus' integrity and character as vital for leading the company.
However, despite inheriting a strong foundation, Ternus will take the helm of a tech behemoth facing what some describe as a "midlife crisis." Addressing Apple's lag in generative artificial intelligence will be among his top priorities. Additionally, maintaining the efficiency and stability of Apple's supply chain amid complex geopolitical tensions and global trade fluctuations will test Ternus' political acumen—not just his technical expertise.
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