Tim Cook Steps Down as Apple CEO, Hands Leadership to John Ternus

Tim Cook has stepped down as Apple CEO after 15 years at the helm, handing leadership of the world's most valuable technology companies to John Ternus.

Tim Cook has stepped down as Apple CEO and will remain with the company as executive chairman, with John Ternus succeeding him as chief executive. [Photo: Apple]

In a farewell message to Apple employees, Cook reflected on the company's culture and its mission, writing that employees “share a belief that what we build matters.”

He also cited Steve Jobs' description of leaving a “dent in the universe” as he reflected on Apple's impact. 

Cook became Apple CEO in 2011, succeeding Jobs.

Under his leadership, Apple expanded dramatically in size and scope, with annual revenue rising from about $108 billion when he took over to more than $400 billion in recent years. 

John Ternus, Apple's former senior vice president of Hardware Engineering, became CEO effective Sept. 1. Cook remains with Apple as executive chairman, where he is expected to focus on strategic and geopolitical matters. 

In announcing the transition, Cook said he took “enormous comfort” in handing the company to Ternus, whom he described as highly capable and deeply knowledgeable about Apple's product development.

Ternus takes over at a pivotal moment for Apple as the company seeks to strengthen its position in artificial intelligence while maintaining its enormous hardware and services businesses.