Apple CEO Tim Cook Will Step Down, John Ternus Named New Leader

Apple CEO Tim Cook is stepping aside at the tech giant, shifting to a new role as executive chairman.

John Ternus will succeed him as the company’s new CEO. Apple announced the change Monday, with the transition set to take effect Sep. 1. Ternus is senior VP of hardware engineering for Apple.

Cook isn’t leaving, of course, Apple says that in his new role he “will assist with certain aspects of the company, including engaging with policymakers around the world.” Art Levinson, currently Apple’s non-executive chairman, will become its lead independent director in connection with the change, and Ternus will also join the board.

“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.

The exec added of his successor:“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. 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.”

The change may have a real impact on Hollywood: Apple has become a major player through its Apple TV platform, releasing original movies and TV shows and pouring investment into the space. Services like Apple TV have been one of Cook’s focus points, with the company noting that services are now a $100 billion-plus business.

Ternus comes from the hardware world, and could have different priorities. That is still to-be-determined.

“Tim’s unprecedented and outstanding leadership has transformed Apple into the world’s best company. He’s introduced groundbreaking products and services time and again, and his integrity and values are infused into everything Apple does,” added Levinson. “On behalf of the entire board of directors, we are incredibly grateful for his countless contributions to Apple and the world, and we are thrilled he will now be executive chairman. We believe John is the best possible leader to succeed Tim and as he transitions to CEO we know his love of Apple, his leadership, deep technical knowledge, and relentless focus on creating great products will help lead Apple to an extraordinary future.”

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” said Ternus. “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. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. 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.”

Cook, of course, succeeded Apple founder Steve Jobs as the company’s CEO in 2011, growing its market cap from $350 billion to $4 trillion, and more than quadrupling its revenue.