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Tim Cook is stepping down as Apple’s Chief Executive after 15 years leading the iconic company, with longtime Apple hardware executive John Ternus taking the reins as the new CEO in September, the company announced on Monday.
The CEO change at the $4 trillion company was approved unanimously by Apple’s board of directors after a “thoughtful, long-term succession planning process,” the company said. Cook, one of the world’s most admired CEOs, who turned 65 in November, had been rumored to be nearing retirement but Monday’s announcement came without Apple having previously commented on succession plans.
“Over the coming months I will be transitioning into a new role, leaving the CEO job behind in September and becoming Apple’s executive chairman,” Cook said in a letter to shareholders.
“John cares so much about who we are at Apple, what we do at Apple, who we reach at Apple, and he has the heart and character to lead with extraordinary integrity,” Cook said, describing CEO-to-be Ternus as a “brilliant engineer and a thinker” who is the “perfect person for the job.”
Shares of Apple dipped less than 1% in after hours trading Monday following the news.
The changing of the ...
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