Tim Cook Announces Exit As Apple CEO

Apple Inc. announced Monday that Tim Cook will step down as chief executive, with John Ternus set to take over the role as Cook transitions to company chairman.

Cook leaves the CEO role after presiding over an expansion period that saw Apple’s market value surge to $4 trillion, marking more than a twentyfold increase during his tenure, according to the announcement. Company filings show he received $74.6 million in total compensation last year, including a $3 million base salary and significant stock awards, while estimates place his net worth near $3 billion.

“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. I love Apple with all of my being,” Cook said. “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. 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.”

Cook, who took over in 2011 following Steve Jobs, built his reputation as an operations-focused executive, reshaping Apple’s global manufacturing and logistics network after joining in 1998. Cook oversaw the launch of new product categories such as the Apple Watch, AirPods, and Vision Pro, along with the expansion of services like iCloud, Apple Pay, Apple TV, and Apple Music.

During his tenure, Apple