Apple CEO Tim Cook is stepping down from the tech giant and moving into a new role as CEO.
He will be succeeded by John Ternos as the company’s new CEO. Apple announced the change on Monday, and the transition is scheduled to take effect on September 1. Ternus is senior vice president of hardware engineering at Apple.
Cook, of course, is not leaving, and Apple says that in his new position he will “assist with certain aspects of the company, including engaging with decision makers around the world.” Art Levinson, who currently serves as Apple’s non-executive chairman, will become the lead independent director on the change, and Ternos will also join the board.
“It has been the greatest honor of my life to be CEO of Apple and to have the trust to lead such an exceptional company,” Cook said. “I love Apple with my entire being, and I am so grateful for the opportunity to work with a team of such brilliant, innovative, creative people who care deeply and who are unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
The CEO added to his successor: “John Ternos has the mind of an engineer, the spirit of an innovator, and a heart to lead with integrity and honor. He is a visionary whose contributions to Apple over 25 years are truly many, and he is without a doubt the right person to lead Apple into the future. I could not be more confident in his abilities and character, and I look forward to working closely with him in this transformation and in my new role as CEO.”
This change could have a real impact on Hollywood: Apple has become a major player with its Apple TV platform, launching original movies and TV shows and pumping investments into the space. Services like Apple TV were one of Cook’s points of focus, with the company noting that services are now a $100 billion-plus business.
Ternus comes from the hardware world, and may have different priorities. This remains to be determined.
“Tim’s unprecedented and outstanding leadership has transformed Apple into the best company in the world. He has delivered pioneering products and services time and time again, and his integrity and values are ingrained in everything Apple does,” Levinson added. “On behalf of the entire Board, we are extremely grateful for his countless contributions to Apple and the world, and are thrilled that he will now serve as CEO. We believe John is the best possible leader to succeed Tim, and as he transitions to CEO, we know that his love for Apple, his leadership, deep technical knowledge, and continued focus on creating great products will help lead Apple into an extraordinary future.”
“I am extremely grateful to have this opportunity to continue Apple’s mission forward,” Ternos said. “Having spent almost my entire career at Apple, I’ve been fortunate to work under Steve Jobs and to have Tim Cook as my mentor. It’s been an honor to help shape products and experiences that have changed so much of how we interact with the world and with each other. I’m optimistic about what we can achieve in the years to come, and it makes me so happy to know that the most talented people on the planet are here at Apple, determined to be part of something bigger than any of us. I’m humbled to step into this role, I promise To lead with the values and vision that have come to define this special place for half a century.
Naturally, Cook succeeded Apple founder Steve Jobs as CEO of the company in 2011, increasing its market value from $350 billion to $4 trillion, and more than quadrupling its revenues.
