Tipsheet

Tim Cook to Step Down As CEO of Apple

After spending 15 years at the helm, Apple CEO Tim Cook, will see himself out of the top job in September of this year. John Ternus, senior vice president of Hardware Engineering, will succeed Cook as CEO.

“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. I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” said Cook said in a statement.

With Cook at the helm, Apple became the first company to achieve a $1 trillion market cap. The company has continued to grow exponentially, sitting as the third largest company in the world by market cap.

Ternus has worked at the company since 2001. He would go on to join the executive team in 2021. Apple has credited him as “instrumental” in the development of Apple’s major products, including the iPhone, AirPods, and Mac.

Cook will now serve as Executive Chairman of Apple’s Board of Directors.