Tim Cook to Step Down as CEO

Tim Cook will step down as Apple chief executive on September 1, and hardware chief John Ternus will take over the iPhone maker. (apple.com) Apple said on April 20 that Cook, 65, will become executive chairman of the board the same day Ternus becomes chief executive officer. The board approved the change unanimously, and Ternus will also join Apple’s board. (apple.com) Ternus currently serves as Apple’s senior vice president of Hardware Engineering, the group that oversees products including iPhone, iPad, Mac, AirPods and other devices. He has worked at Apple for about 25 years and took over the hardware engineering organization in 2021 after Dan Riccio moved to a new role. (apple.com 1) (apple.com 2) Cook became Apple’s chief executive in August 2011, six weeks before Steve Jobs died. During Cook’s tenure, Apple’s annual revenue rose from $108.2 billion in fiscal 2011 to $391.0 billion in fiscal 2024, according to the company’s annual filings. (apple.com 1) (apple.com 2) (apple.com 3) The handoff lands as Apple is trying to revive hardware growth after a slow 2023 and 2024 for iPhone, Mac and wearables, while also convincing investors it can compete more aggressively in artificial intelligence. Apple’s June 2024 developer conference introduced “Apple Intelligence,” but the company has faced pressure to turn that software push into faster product momentum. (apple.com) (apple.com) (cnbc.com) Apple also reshuffled its hardware ranks on the same day. Johny Srouji, who has led Apple’s chip division, was named chief hardware officer and will absorb the hardware engineering group that Ternus ran. (apple.com) That puts two longtime product executives at the center of Apple’s next phase: Ternus on overall strategy and Srouji on the teams building the company’s devices and custom chips. Apple said Srouji’s expanded role now combines Hardware Engineering with the hardware technologies organization that designed Apple silicon. (apple.com) (apple.com) Cook is not leaving Apple outright. The company said he will replace Arthur Levinson as executive chairman, while Levinson will become lead independent director when the transition takes effect. (cbsnews.com) (cnbc.com) In Apple’s announcement, Cook called Ternus “brilliant” and said no one is better suited to lead the company. The transition closes Cook’s 15-year run as chief executive and opens Apple’s next era under an executive best known for shipping its hardware. (apple.com)