Apple CEO Tim Cook to step down as John Ternus takes over

APPLE INC announced on Monday that its chief executive, Tim Cook, will step down from his role after leading the company for nearly 15 years. The news, which saw shares of the technology giant decline by 1% in after-hours trading, marks a significant leadership transition for the world's second most-valuable firm. Cook, 65, will be succeeded by John Ternus, the company’s longtime hardware chief, though Cook will remain with the organization as executive chairman starting September 1. Since taking over from founder Steve Jobs, Cook has overseen a period of unprecedented growth. Under his tenure, the company's market capitalization surged from approximately $350 billion to $4 trillion, a growth of more than 1,000%. Annual revenue also saw a massive increase, rising from $108 billion in fiscal year 2011 to over $416 billion in fiscal year 2025. The company now operates in more than 200 countries and territories with an active installed base of more than 2.5 billion devices.