Apple CEO Tim Cook steps aside in September, successor named

Monday marked the end of an era for one of Silicon Valley’s most legendary companies, as Apple revealed longtime CEO Tim Cook will step aside late this summer. 

In a statement posted onto its website, Apple laid out the succession plan for the man who led the technology giant for the past 15 years and helped it become one of the world’s most valuable companies.

What we know:

A statement from the company indicated Cook, 65, plans to step down as CEO on September 1, and he will be replaced by John Ternus, Senior Vice President of Hardware Engineering. Cook will move to become executive chairman of Apple’s board of directors.

What they're saying:

"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 in a written news release.

Tim Cook's career as CEO

The backstory:

Since taking the reins from Apple founder Steve Jobs in 2011, Cook steered the company through one of its most successful eras. Under his leadership, Apple introduced new products like the Apple Watch, AirPods, and the Vision Pro. It also doubled down on its services business, which the statement described as one of Cook’s major focuses, and that category has grown into a $100 billion business.

During that time, Apple grew into the world’s first publicly traded company to be valued at more than a trillion dollars. Its market capitalization now sits at around $4 trillion, second only to Nvidia and more than ten times higher than when he first took over.

What's next:

Over the next several months, Cook and Ternus will work closely together to facilitate a smooth transition, Apple explained. After Ternus takes over, Cook will assume a role in which he will assist with some aspects of the company, such as engaging with policymakers.

Apple’s next CEO John Ternus

Ternus joined Apple in 2001 as a member of its product design team, according to Apple. He was promoted to vice president of Hardware Engineering in 2013, and joined the executive team eight years later. During his time, he has participated in the introduction of the iPad and AirPods, and helped develop multiple generations of the iPhone, Mac, and Apple Watch.

In addition to becoming CEO, Ternus will join the Apple board. 

What they're saying:

"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," Ternus said in the statement. "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."

Dig deeper:

When Cook moves into his new role, current non-executive chairman Arthur Levinson will become Apple’s lead independent director.