Tim Cook Stepping Down as Apple CEO After 15-Year Tenure
Apple announced that Tim Cook will step down as CEO on September 1, handing over the reins to senior vice president of hardware engineering John Ternus. Under Cook's leadership, Apple's market capitalization increased tenfold from $350 billion in 2011 to $4.01 trillion today.
During his tenure, Cook oversaw significant financial growth, with Apple reporting $112 billion in net income for the fiscal year ending September 2025, an eight-fold increase from 2010. The company also expanded its product lineup, introducing new categories such as wearables and gadgets. Key launches include the Apple Watch, AirPods, and Apple Vision Pro.
Cook's tenure was marked by significant growth in Apple's services business, including the launch of Apple Pay, Apple TV+, Apple Music, and Apple Arcade. The company also transitioned from Intel processors to its own Apple Silicon chips, resulting in improved performance and power efficiency. Additionally, Cook announced a $600 billion U.S. spending commitment to expand hiring and manufacturing activity in the country.
John Ternus will take over as CEO on September 1, marking a new era for the company founded by Steve Jobs.
