Apple has announced Tim Cook, its CEO of 15 years, will step down.
Cook will officially leave the job on 1 September and become the multi-trillion-dollar company’s executive chairman.
In that role, Apple said Cook will “assist with certain aspects of the company, including engaging with policymakers around the world.”
Apple has appointed senior executive John Ternus as Cook’s successor.
Tim Cook
Tim Cook joined Apple in 1998 and has served as CEO since 2011, taking over from company co-founder Steve Jobs.
Before assuming the role, Cook was the company’s chief operating officer (COO), overseeing global sales and the company’s supply chain.
As CEO, Cook has overseen the rollout of the Apple Watch, AirPods, and Apple Pay, among other products.
Under his leadership, Apple’s value has grown from around $US350 billion to $US4 trillion ($AU500 billion to $AU5.6 trillion).
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New CEO
Cook described his time in the role as the “greatest privilege” of his life and said he “could not be more confident” in his successor, John Ternus.
Ternus joined tech company Apple in 2001 and has been senior vice president of Hardware Engineering in 2013.
In that role, he has overseen the design, development and testing of Apple’s physical products, such as the iPad, new generations of the iPhone, Mac and Apple Watch.
Apple’s statement announcing Ternus as the new CEO noted he had led the development of the MacBook Neo, a cheaper alternative to the company’s other laptops.
It also credited him with overseeing the latest range of iPhones, which included lower-cost options, and with leading efforts to recycle and lower the company’s carbon footprint.
In the statement, Ternus said he is “profoundly grateful for this opportunity... to lead with the values and vision that have come to define this special place”.
