Tim Cook concluded his 15-year stint as CEO of Apple on Monday, receiving a farewell as he handed over the CEO role to John Ternus. Ternus, who leads Apple’s hardware division, is stepping into this new position amid several challenges, including a difficult AI rollout and a global memory shortage that has led to price increases for products.
As reported, Cook and Ternus have worked closely together leading up to this transition. Ternus is set to take over Cook’s office at Apple’s headquarters in Cupertino, California, starting Tuesday.
The new CEO is entering a crucial phase for Apple, with several product launches anticipated this fall. This includes the company’s first foldable iPhone and an updated, AI-driven version of Siri, which analysts say needs to perform well in its public beta to satisfy investors.
Moreover, Ternus will need to keep demand up for key products like MacBooks and iPads, despite some items experiencing price hikes – some rising as much as $500 – due to a significant shortage of computer chips. Apple has characterized this shortage as an “unprecedented challenge.”
Even with the hurdles ahead, Cook has expressed strong confidence in Ternus. In April, he commented that Ternus is clearly the right leader to guide Apple forward.
Cook, age 65, was celebrated at a farewell party on Sunday at the company’s headquarters, marking the end of his long tenure. The gathering featured a performance by OneRepublic, a band Cook favors, and around 200 guests attended, according to reports.
Among those honoring Cook was Laurene Powell Jobs, the widow of Apple’s co-founder, Steve Jobs. Ternus also spoke, along with notable Apple executives like Eddy Cue and former COO Jeff Williams.
Cook, who is known for his privacy and publicly came out as gay in 2014, addressed his partner, Mike, during the event.
While stepping down as CEO, Cook will continue to work with Apple as executive chairman, focusing on engaging with global policymakers.
In a message shared on X, Cook expressed his love for the Apple community, saying, “My title changes tomorrow, but the love I have for the Apple community never will. Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter!”
Throughout his leadership, Cook built solid relationships with lawmakers from various political backgrounds and was a regular presence at White House events during the administrations of both President Biden and former President Trump. Additionally, he oversaw significant growth in Apple’s business within China, managing complex diplomatic relations between Washington, D.C., and Beijing.
With Ternus officially becoming CEO on September 1, the transition signifies a major shift for Apple, which has seen its market valuation grow from approximately $350 billion in 2011 to upward of $4.5 trillion today.
Apple representatives did not provide immediate comments.
