Tim Cook to Transition from CEO to Chairman of Apple
On Monday, Apple Inc. announced that Tim Cook will step down as CEO, handing over the reins to John Ternus, who will become the new CEO while Cook transitions into the role of chairman.
During his time as CEO, Cook led the company through significant growth, with Apple’s market value climbing to $4 trillion—a remarkable increase of over 20 times since he took the position. In the last year alone, Cook earned a total compensation of $74.6 million, which included a $3 million base salary and considerable stock awards. His estimated net worth is nearly $3 billion, as noted in company filings.
“Serving as Apple’s CEO and having the opportunity to lead such an extraordinary company has been the greatest privilege of my life,” Cook reflected. He continued, expressing deep affection for the company and his confidence in Ternus: “John Ternus has the heart of an engineer, the soul of an innovator, and the integrity to lead. His contributions over the past 25 years are countless, and I have complete faith in his abilities.”
Cook, who took over the role from Steve Jobs in 2011, has been instrumental in reshaping Apple’s global manufacturing and logistics network since joining the team in 1998. He gained recognition for focusing on operations and played a pivotal role in expanding services like iCloud, Apple Pay, Apple TV, and Apple Music. Additionally, he oversaw the introduction of new product lines, notably the Apple Watch, AirPods, and Vision Pro.
Throughout Cook’s tenure, Apple’s market value rose from roughly $350 billion in 2011 to $4 trillion as of 2025. Revenue grew significantly as well—from $108 billion in 2011 to over $416 billion in 2025. The company expanded its global presence, reaching more than 200 countries and territories, increasing its retail locations to over 500, growing its workforce by more than 100,000 employees, and installing approximately 2.5 billion active devices worldwide.
John Ternus, now 50, steps into the CEO role after spending over 20 years at Apple, where he spearheaded engineering efforts for major products, including the iPhone, iPad, Mac, and more. He joined Apple in 2001 and has steadily progressed within the organization.
Ternus expressed gratitude for the new opportunity, highlighting his unique experiences at Apple. “Working under Steve Jobs and having Tim Cook as my mentor has been incredibly formative,” he said. “It’s an honor to help shape the products that have transformed how we connect with the world and each other.”
Apple also announced that Johny Srouji will become the Chief Hardware Officer, overseeing hardware engineering and taking on responsibilities previously held by Ternus during this leadership transition.
