Apple has announced that CEO Tim Cook, now 65, will step back this fall to become “executive chairman.” Taking over as CEO will be John Ternus, currently Senior Vice President of Hardware Engineering. The transition was unanimously approved by Apple’s board.
Cook expressed his love for Apple and confidence in Ternus, praising his contributions and leadership qualities. He assured investors of his ongoing involvement with the company during the CEO transition, the first since Steve Jobs left in 2011.
Apple’s announcement highlighted Cook’s achievements and introduced Ternus, who has overseen major product developments. Ternus expressed gratitude for his mentors, Jobs and Cook, and optimism for Apple’s future. The stock market had a brief dip following the announcement but quickly recovered.