Tim Cook has stepped down as Apple's chief executive after 15 years at the helm, handing over to John Ternus, the company's senior vice-president of hardware engineering. Cook, 65, will remain as executive chair of the board.
Cook joined Apple in 1998, overseeing global sales and operations before temporarily running day-to-day operations in 2009 when Steve Jobs took medical leave. He became CEO in 2011, just months before Jobs's death. Under his leadership, Apple's market capitalisation soared from $350bn to $4tn, making it the first publicly traded company to reach $1tn.
Cook oversaw the explosive growth of the iPhone, iPad, Mac, Apple Watch and AirPods, and expanded into services including Apple Pay, Apple TV and Apple Music. He built a connected ecosystem of billions of devices, cementing Apple's position as a global powerhouse. However, his tenure also saw missteps, including slow investment in generative AI.
In his farewell, Cook said leading Apple was 'the greatest privilege of my life' and expressed gratitude to fans. Analysts noted that while Cook lacked Jobs's on-stage charisma, he transformed Apple into a durable financial powerhouse. John Ternus, 50, will take over as CEO with immediate effect.
