Apple CEO Tim Cook to Step Down September 1

Apple confirmed the rumors today: CEO Tim Cook will step down on September 1 and become executive chairman of Apple’s board of directors, and he will be replaced by senior vice president of Hardware Engineering John Ternus. Apple also announced that senior vice president of Hardware Technologies Johny Srouji will become chief hardware officer.

“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,” Mr. Cook said. “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.”

Cook’s legacy is complicated, but he has been CEO of Apple since the death of Steve Jobs in 2011 and oversaw some relatively minor hits, at least compared to his historic predecessor, like the Apple Watch and AirPods. But he also delivered a dud in Apple Vision Pro and failed to move Apple into self-driving vehicles while failing repeatedly to orchestrate a coherent AI strategy.

Cook’s biggest success is financial: Under his leadership, Apple dramatically expanded its hardware lineup and moved aggressively into subscription services and advertising, driving Apple’s market capitalization growth from $350 billion when he took over to over $4 trillion today.

“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said of his successor. “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.”

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Mr. Ternus added. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Ternus will also join Apple’s board of directors, and Arthur Levinson, who has served as non-executive chairman of the board for 15 years, will become its lead independent director.

As for Srouji, the man who led Apple’s chipset efforts and the creation of Apple silicon has out-innovated industry giants.

“Johny is one of the most talented people I have ever had the privilege to work with,” Cook said. “He has played a singular role in driving Apple’s silicon strategy, and his influence has been felt deeply not just inside the company, but across the industry. He has always led his organization with remarkable deftness and judgment, and time and again, his team has delivered breakthrough innovations that have transformed our products. We are incredibly fortunate to have him as Apple’s chief hardware officer.”