Apple CEO Tim Cook Is Stepping Down

Apple announced that Tim Cook will step down as CEO in September after 15 years in the role, handing the job to hardware chief John Ternus. Longtime Slashdot reader sinij shares the news from MarketWatch: Cook leaves an impressive legacy after growing the company to a $4 trillion market capitalization from just $300 billion 15 years ago. Over Cook's 15-year tenure as CEO, Apple's stock has risen 1,932%, beating the S&P 500's 504% increase, according to Dow Jones Market Data. That places Apple's stock as the 38th best-performing member of the index over that period of time.

Cook had big shoes to fill, replacing Apple's iconic founder, Steve Jobs, as CEO. Cook's successor, John Ternus, Apple's senior vice president of hardware engineering, will need to guide Apple's through uncharted waters as the company navigates its artificial-intelligence transition and supply-chain constraints. Cook will remain at Apple as executive chairman. "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.

"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person 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."

As for Ternus' replacement, the role of Chief Hardware Officer will be awarded to Apple executive Johny Srouji. "Srouji, who most recently served as senior vice president of Hardware Technologies, will assume an expanded role leading Hardware Engineering, which John Ternus most recently oversaw, as well as the hardware technologies organization," said Apple in a press release.