Tim Cook announced his retirement as CEO of Apple, effective this fall, transitioning to the role of executive chairman. John Ternus, currently Senior Vice President of Hardware Engineering, will take over the CEO position.
The Apple board unanimously approved the transition from Cook to Ternus, marking a significant change for the company. Cook emphasized his commitment to remain involved during this time and in his new role.
In his announcement, Cook expressed his deep connection to Apple, stating, “I love Apple with all of my being.” He praised Ternus for his engineering mindset, innovative spirit, and integrity, calling him the “right person to lead Apple into the future.”
Ternus, who has worked at Apple for 25 years, contributed to the development of major products, including the iPhone, iPad, Mac, and AirPods. He acknowledged the fortunate opportunity to learn from Steve Jobs and have Tim Cook as a mentor.
Ternus remarked, “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,” expressing optimism for Apple’s future.
The announcement highlighted Cook’s achievements, particularly efforts to address Apple’s carbon footprint, but dedicated more than a third of its content to introducing Ternus.
Following the retirement announcement, Apple stock dipped slightly in after-hours trading but quickly rebounded, losing only a fraction of the initial decline within approximately one hour.
