Signing off after 15 years: Apple’s Tim Cook era ends as John Ternus takes over as CEO

Tim Cook ended his 15-year run as Apple’s CEO Monday. Cook, who helped turn the iPhone maker into one of the world’s most valuable companies, will be replaced by John Ternus, Apple’s senior vice president of hardware engineering,  on Tuesday, Sept. 1, Barron’s reported. 

According to Yahoo Finance, in a message to employees, Cook said, “We have both the opportunity and the responsibility to leave the world better than we found it. That purpose is part of what makes this place extraordinary,” and added, “How fortunate we are. How fortunate I am.”

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Cook praised Ternus for understanding how to build products that change the world, saying, “I take enormous comfort in handing the helm to someone as brilliant and wonderful and capable as John,” Yahoo Finance reported.

In a post on X, Cook wrote, “Sending lots of love to the Apple community on my last day as CEO,” and thanked employees for their inspiration.

What Ternus inherits

Cook’s tenure brought huge gains for shareholders. Apple stock rose 2,296% from the day before he became CEO in 2011 through Friday’s close, while Apple added $4.32 trillion in market value under his leadership, according to Dow Jones Market data cited in Barron’s.

Apple’s latest reported sales were $467 billion on a last-12-month basis, up 364% from the end of Steve Jobs’ time as CEO, Barron’s added. Cook’s strategy emphasized services such as Apple Music, the App Store and Apple TV, while building a tightly linked ecosystem that pushed customers to buy more than one Apple product.

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Ternus now faces a different challenge: expanding Apple’s next phase with artificial intelligence at the center. According to Barron’s, Wall Street is watching for an AI-powered Siri expected in September, along with Apple’s next iPhone launch on Wednesday, Sept. 9, and the company’s first foldable smartphone.

Ternus, 50, has long overseen hardware behind products such as the iPad, AirPods and Apple Watch. Supporters say that background could help Apple as it looks for its next major product breakthrough.