Tim Cook steps down as Apple chief executive after more than a decade at helm

Apple CEO Tim Cook will step down from his role in September to become executive chairman of Apple’s board of directors. Photo / Getty Images

Apple chief executive Tim Cook will step down from his role in September after more than a decade leading the tech giant.

Cook, who has been chief executive since 2011, will become executive chairman of Apple’s board of directors.

John Ternus, senior vice president of hardware engineering, will replace Cook as new CEO from September 1 as part of a long-term succession planning process, Apple said.

Under Cook’s leadership, Apple has grown from a market capitalisation of around US$350 billion ($594b) to US$4 trillion.

It became the world’s first publicly traded company to reach a US$1t market capitalisation in 2018.

Apple’s share price has risen from around US$13 in August 2011 to US$273 today.

“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 said.

“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.”

Ternus, who has been with Apple for more than 25 years, said he was “humbled to step into the role as CEO”.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward.

“Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.”

Ternus joined Apple’s product design team in 2001 and became a vice president of hardware engineering in 2013.

He joined the executive team in 2021 as senior vice president of hardware engineering and was instrumental in the introduction of multiple new product lines, including iPad and AirPods.