Tim Cook marks 15 years atop Apple, steps down as CEO next week

Fifteen years ago today, Tim Cook was appointed Apple ↗ 0.93% chief executive following Steve Jobs's resignation on August 24, 2011. That era will formally close on September 1, when hardware chief John Ternus takes over as CEO — a transition the board approved unanimously in April.thenews+1

A Legacy Measured in Trillions

Cook, 65, leaves behind a record that reshaped Apple into the world's most valuable company. During his tenure, Apple's market capitalization grew from roughly $350 billion to $4.5 trillion — equivalent to an increase of approximately $32 million per hour, according to Bank of America analyst Wamsi Mohan. The company also repurchased $877 billion worth of its own shares, the largest buyback program in corporate history, reducing split-adjusted outstanding shares from about 26 billion to 14.6 billion.moomoo+1

"Cook transformed Apple from a company reliant on a handful of product cycles into one that can continuously generate growth, cash flow, customer loyalty, and innovation at massive scale," Mohan said.bitget

On his final earnings call on July 30, Cook thanked shareholders and addressed the company's decision to raise Mac and iPad prices, citing what he called a "100-year flood on memory pricing".macrumors

Ternus Takes the Helm

Ternus, 51, joined Apple's product design team in 2001, became vice president of hardware engineering in 2013, and was elevated to senior vice president in 2021, overseeing development of iPhones, Macs, iPads, and AirPods. His first keynote as CEO is expected to coincide with Apple's upcoming hardware event, where the company plans to unveil the iPhone 18 Pro, iPhone 18 Pro Max, and its first foldable iPhone.thenews+1

Cook will remain at Apple as executive chairman, engaging with policymakers and helping navigate regulatory pressures in the US and EU. Arthur Levinson, who chaired the board for 15 years, will become lead independent director.macrumors+1

The AI Question

The central tension facing Ternus is whether a hardware engineer can steer Apple's AI ambitions. Apple unveiled a revamped Siri at its developer conference in June, incorporating some Google Alphabet Inc. ↗ 0.84% technology, with a rollout planned for September. During the Q3 earnings call, Mohan pressed Ternus on competitive threats from companies like OpenAI. Ternus's response was vague, leaving investors wanting more clarity.financefeeds

Cook's own assessment of his successor: "He has the mind of an engineer, the soul of an innovator, and the integrity and honor to lead".bitget