Just as rumors indicated, Apple CEO Tim Cook announced he will step down from the position later this year.
In his place will be John Ternus, who is currently Apple’s senior vice president of hardware engineering. In a related move, Cook also announced previous senior vice president of hardware technologies Johny Srouji is now the company’s chief hardware office effective immediately.
Cook will remain CEO through the summer “as he works closely with Ternus on a smooth transition.”
Ternus will take over as Apple’s CEO and join the company’s board of directors on September 1. That is when Cook will step down as CEO, though he will remain on the board as executive chairman.
Cook first joined Apple in 1998 and was key to turning the company’s supply chain woes around. Thanks in large part to Cook’s know-how, Apple pivoted into a company that made devices based on demand instead of creating a stockpile of devices in the hopes of selling through it all.
He was appointed CEO in 2011 shortly before Steve Jobs passed. Since then, Cook has transformed Apple into one of the most valuable companies in the world.
This is in large part due to Apple’s push into services, which the company said are now worth $100 billion.
Ternus joined Apple in 2001 as part of its product design team. He then became vice president of hardware engineering in 2013 and senior vice president of hardware engineering in 2021.
Over his tenure at Apple, Ternus has worked on various product lines, including the iPhone, Mac, and Apple Watch.
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