- Apple announced Monday that Tim Cook is moving to chairman role later this year
- Longtime engineer John Ternus is set to become CEO of the company.
- Cook has served as CEO since 2011, guiding the company to a $1 trillion valuation.
Apple revealed in an announcement Monday that longtime CEO Tim Cook will move to the role of executive chairman of Apple’s board of directors. John Ternus, senior vice president of Hardware Engineering, will become Apple’s next chief executive officer effective on Sept. 1, 2026.
Cook was named Apple’s chief executive in 2011 just months before legendary company founder Steve Jobs died after a protracted battle against pancreatic cancer.
Under Cook’s leadership, Apple became the first company to breach the $1 trillion valuation mark and also earned the distinction of ascending to the rank of world’s most valuable company by market capitalization on several occasions. On Monday, Apple was holding down the No. 2 spot on world’s most valuable companies list with a $4.1 trillion market cap, trailing only chip maker Nvidia, currently at a $4.9 trillion market valuation.
In its announcement, Apple said Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition. As executive chairman, Cook will assist with certain aspects of the company, including engaging with policymakers around the world.
“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said in a press statement. “I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world.”
Cook also sang the praises of his successor. Ternus is an engineer and 25-year Apple veteran who worked on the iPad, then later the Mac and AirPods before taking over responsibility for all of Apple’s products, including its most important, the iPhone, per a report from the Wall Street Journal.
“John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor,” Cook said. “He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”
Apple’s market cap increased by roughly 24-fold on Cook’s watch, according to a report from CNBC. Cook took home $74.6 million in total compensation last year, including a $3 million base salary and millions more in stock awards, according to recent regulatory filings. Forbes estimates his net personal worth at close to $3 billion.
However, the CNBC report notes that as Cook exits, Apple faces numerous challenges, including an increasingly complex supply chain, geopolitical tensions, the Trump administration’s tariffs and a memory crunch tied to soaring demand for AI chips.
Cook drops some love on Utah
During an appearance in Utah at the 2021 Silicon Slopes Summit in Salt Lake City, Cook shared some thoughts about the state and its burgeoning tech community in an on stage chat with Sen. Mike Lee, R-Utah.
“What I look for when I go places is people who want to change the world,” Cook said. “Technology should serve humanity and not the other way around. And that’s what I see here.”
Cook also shared a little advice for up-and-coming startup founders looking to replicate the success of the world’s most valuable company.
“Sometimes people are so looking forward to the next thing ... that they forget the real joy of life is the journey,” Cook said.
It was later revealed that Lee played a key role in bringing Cook to the Silicon Slopes event that year and the state’s senior senator also followed up with a care package and note to the Apple CEO after his appearance. Lee’s package to Cook included a variety of bottled fry sauces from the state, a wink-and-nod to the unique Utah condiment coming up as a point of conversation during the summit appearance.
Here is a transcript of Lee’s letter to Cook:
Dear Tim,
I am writing you this quick note using the one device I can’t live without. I remain grateful to you for joining me for this year’s Silicon Slopes Summit. I particularly appreciate your kind words about Utah innovators. Wanting to change the world for the better is something in which Utahns take tremendous pride. I believe we are doing just that. I am also aware that you’ve been serving up a batch of fresh chips. As we discussed on stage, in Utah we have something that goes well with chips, fries, or whatever else you’re dipping. So, please accept this variety of Utah fry sauces as a thank you for visiting our great state.
Your friend,
Mike
p.s. MacOS Zion has a nice ring to it.