Apple names insider John Ternus to succeed Tim Cook as CEO | Latest Tech News
Tim Cook is stepping down as CEO of Apple on Sept. 1, the Big Tech giant said in a shock announcement on Monday afternoon.
Cook, 65, will transition to a function as the company’s government chairman. John Ternus, the 50-year-old head of Apple’s {hardware} division, will exchange Cook as CEO.
Apple said the management shakeup was “approved unanimously by the board of directors” and adopted a “thoughtful, long-term succession planning process.” Cook had served as CEO since 2011, when he changed Apple’s late co-founder Steve Jobs.
Apple said John Ternus will change into CEO of the iPhone maker. Apple
“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 in a assertion. “He is a visionary whose contributions to Apple over 25 years are already too quite a few to depend, and he’s without query the precise particular 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,” the outgoing CEO added.
Meanwhile, Cook’s tasks as government chairman will embrace “engaging with policymakers around the world,” according to Apple. Cook has cultivated close relationships with lawmakers on both sides of the aisle, including President Trump, during his tenure at Apple.
Apple shares had been flat in after-hours trading following the announcement.
Cook steered Apple through its surge from a market valuation of about $350 billion in 2011 to roughly $4 trillion today.
Cook, who has led Apple since 2011, will change into the company’s government chairman. AP
However, the company has lately endured some key struggles, including weak gross sales for its Vision Pro augmented actuality headsets.
Apple has also struggled to implement artificial intelligence options throughout its business and was notably compelled to delay the rollout of a deliberate AI overhaul of its Siri voice assistant due to bugs and glitches.
John Giannandrea, who served as Apple’s senior vice president of machine learning and AI strategy since 2018, stepped down from his post in December as half of a shakeup of the company’s AI crew.
Monday’s announcement was nothing short of a “shocker,” according to Wedbush analyst Dan Ives.
“Cook leaves a lasting legacy in Cupertino and there will be a lot of pressure on Ternus to produce success out of the gates especially on the AI front,” he said in a notice to purchasers. “While there were rumors of Cook leaving as CEO, investors will for now have more questions than answers around the timing and what this means for the broader Apple strategy.”
Ternus was widely thought-about the frontrunner to exchange Cook due to his key function overseeing development of the iPhone, which still includes the majority of Apple’s annual income, as properly as other {hardware} devices. He joined the company in 2001 and held a number of roles before becoming a member of Apple’s government ranks in 2021.
Ternus joined Apple’s product design crew in 2001 and rose steadily through senior roles in the company’s {hardware} division. SARAH YENESEL/EPA / Shutterstock
Rumors that Cook’s exit was imminent started percolating last fall, when the Financial Times reported that Apple’s board was “stepping up” its succession planning.
Cook had downplayed rumors he was readying to go away Apple as lately as last month, when he told ABC’s “Good Morning America” that he “can’t imagine life without Apple.”
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