After 15 years, Tim Cook will step down as Apple’s CEO in September. Cook replaced company co-founder Steve Jobs in August 2011 after he resigned because of declining health.
An announcement from the company, released shortly after the markets closed Monday, said that John Ternus, a senior vice president of hardware engineering at the tech giant, would replace Cook.
Cook’s resignation is the first transition for Apple since Jobs stepped down shortly before his death. Ternus will be Apple’s eighth CEO.
Cook will stay with the company — the maker of the iPhone, Macintosh computers and other devices ubiquitous in modern society — as executive chairman.
“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, 65, wrote in a statement. “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.”
Cook said Ternus, 50, has the “mind of an engineer, the soul of an innovator, and the heart to lead,” and called him a “visionary.”
“He is without question the right person to lead Apple into the future,” Cook wrote. “I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”
Ternus said he is excited to “carry Apple’s mission forward” and honored to have been given the opportunity.
“I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor,” Ternus said in his statement. “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.”
Apple’s stock closed at $273.05 on Monday, up 1.04%. The company’s market capitalization is roughly $4 trillion — 24 times greater than when Cook became CEO.
Who is Ternus?
According to Apple, Ternus joined the company’s product design team in 2001 and became a vice president of hardware engineering in 2013. In 2021, he joined the executive team as the senior vice president of hardware engineering.
During his time at Apple, Ternus oversaw the hardware engineering on several major projects. The company said he was instrumental in introducing multiple new product lines, like the iPad and the AirPods.
Before working at Apple, Ternus worked as a mechanical engineer at Virtual Research Systems. Ternus is Ivy League-educated, graduating from the University of Pennsylvania with a bachelor’s degree in mechanical engineering.