Tim Cook to step down as Apple CEO after 15 years

Tim Cook will step down as chief executive of Apple Inc. in September, ending a nearly 15-year run that transformed the iPhone maker into one of the most valuable companies in history.

The 65-year-old executive will transition into a new role as executive chairman, remaining closely involved in the company. He will be succeeded by John Ternus, Apple’s head of hardware engineering, who becomes the company’s eighth CEO.

Cook took over leadership in 2011 from co-founder Steve Jobs, stepping into one of the most scrutinised roles in tech. Under his leadership, Apple’s annual profit rose to over $110 billion, while its market value surged more than tenfold to about $4 trillion.

He also expanded Apple’s global supply chain across countries like China, India, and Brazil, while growing its retail footprint worldwide.

Beyond hardware, Cook pushed Apple deeper into services, scaling products like iCloud, Apple Pay, and the App Store into a major revenue engine that now contributes roughly a quarter of the company’s income.

John Ternus takes over amid new challenges

Ternus, 50, joined Apple in 2001 and rose through the ranks to oversee hardware engineering, including Macs and iPads. He takes over at a time when Apple faces mounting pressure to innovate.

The company has struggled to deliver a breakthrough new product category in recent years, with its Apple Vision Pro receiving a lukewarm response after its 2024 launch.

Apple is also seen as trailing competitors in artificial intelligence, as rivals invest heavily in AI development.

Ternus inherits a complex global landscape. Apple remains heavily reliant on China for manufacturing, with a large share of iPhones produced there, an exposure that has come under scrutiny amid shifting U.S.-China trade tensions during the era of Donald Trump.

Cook had long played the role of a diplomatic bridge between Washington and Beijing, balancing political and business interests. That responsibility will now shift to Ternus.

Despite the challenges, Ternus struck an optimistic tone, pledging to lead with the values that have defined Apple for decades.

The leadership transition, set for September, marks a major turning point for Apple, closing one of the most successful chapters in its history while opening another under new leadership.

Flutterwave denies $75m government investment, says IPO claims inaccurate