Apple names insider John Ternus to succeed Tim Cook as CEO

Apple names insider John Ternus to succeed Tim Cook as CEO

Tim Cook is stepping down as CEO of Apple on Sept. 1, the Big Tech big said in a shock announcement on Monday afternoon.

Cook, 65, will transition to a task as the company’s govt chairman. John Ternus, the 50-year-old head of Apple’s {hardware} division, will change Cook as CEO.

Apple said the management shakeup was “approved unanimously by the board of directors” and adopted a “thoughtful, long-term succession planning process.” Cook had served as CEO since 2011, when he changed Apple’s late co-founder Steve Jobs.

Apple said John Ternus will turn into CEO of the iPhone maker. Apple

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said in an announcement. “He is a visionary whose contributions to Apple over 25 years are already too quite a few to rely, and he’s without query the proper individual 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 outgoing CEO added.

Meanwhile, Cook’s tasks as govt chairman will embrace “engaging with policymakers around the world,” according to Apple. Cook has cultivated shut relationships with lawmakers on either side of the aisle, including President Trump, during his tenure at Apple.

Apple shares have been flat in after-hours buying and selling following the announcement.

Cook steered Apple by means of its surge from a market valuation of about $350 billion in 2011 to roughly $4 trillion today.

However, the company has not too long ago endured some key struggles, including weak sales for its Vision Pro augmented actuality headsets.

Apple has also struggled to implement artificial intelligence options throughout its enterprise and was notably pressured to delay the rollout of a deliberate AI overhaul of its Siri voice assistant due to bugs and glitches.

John Giannandrea, who served as Apple’s senior vp of machine studying and AI strategy since 2018, stepped down from his put up in December as a part of a shakeup of the company’s AI team.

Cook, who has led Apple since 2011, will turn into the company’s govt chairman. AP

Monday’s announcement was nothing in need of a “shocker,” according to Wedbush analyst Dan Ives.

“Cook leaves a lasting legacy in Cupertino and there will be a lot of pressure on Ternus to produce success out of the gates especially on the AI front,” he said in a word to shoppers. “While there were rumors of Cook leaving as CEO, investors will for now have more questions than answers around the timing and what this means for the broader Apple strategy.”

Ternus joined Apple’s product design team in 2001 and rose steadily by means of senior roles in the company’s {hardware} division. SARAH YENESEL/EPA / Shutterstock

Ternus was widely thought of the frontrunner to change Cook due to his key function overseeing development of the iPhone, which still contains the bulk of Apple’s annual income, as nicely as other {hardware} devices. He joined the company in 2021 and held a number of roles before becoming a member of Apple’s govt ranks in 2021.

Rumors that Cook’s exit was imminent started percolating last fall, when the Financial Times reported that Apple’s board was “stepping up” its succession planning.

Cook had downplayed rumors he was readying to go away Apple as not too long ago as last month, when he told ABC’s “Good Morning America” that he “can’t imagine life without Apple.”

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