Tim Cook is stepping down as the CEO of Apple, concluding a remarkable 15-year period that transformed the iPhone manufacturer from a $350 billion entity into a $4 trillion powerhouse. Effective September 1, he will pass the torch to John Ternus, who currently leads the hardware engineering division, while remaining on board as executive chairman.
Cook’s appointment came in August 2011 amidst challenging circumstances. Just weeks before his death from pancreatic cancer, Steve Jobs officially bestowed the title upon Cook, leaving him at the helm of a company perceived as inextricably linked to its late founder.
Under Cook’s leadership, Apple has nearly quadrupled its revenue from $108 billion in FY2011 to over $416 billion projected for FY2025. He has been instrumental in launching the Apple Watch, AirPods, and expanding the company’s services business, which now yields more than $100 billion annually.
Ternus, a seasoned Apple employee of 25 years, has spent nearly his entire career with the company, progressing from the product design team to head hardware engineering in 2021. He will also join the Apple board of directors upon assuming his role as CEO. In his farewell message to employees and customers, Cook referred to the position he is relinquishing as the most rewarding job in the world.
Here’s the full note from Apple CEO Tim Cook as he steps down
“For the past 15 years, Tim has begun nearly every morning in a similar fashion. He checks his email and reads messages received the previous day from Apple users worldwide.
Users share snippets of their lives with him, recounting how Apple products have influenced them. Whether it’s the story of how an Apple Watch helped someone’s mother or a stunning selfie taken atop a seemingly insurmountable peak, users express gratitude for the ways in which Mac has enhanced their work. They sometimes voice frustrations when something they value doesn’t function as expected.
Every email conveys the essence of shared humanity. Tim feels a profound obligation to strive harder and reach further. Yet above all, he experiences an ineffable gratitude for having the privilege of being the person on the receiving end of these messages, leading a company that inspires creativity and enriches lives in transformative ways. It has been an immense honour.
Today, it has been announced that he is embarking on the next chapter of his journey at Apple. Over the next few months, he will transition into a new role, stepping away from the CEO position in September to become Apple’s executive chairman. A new leader will take on what Tim firmly believes is the best job in the world. That leader is John Ternus, a remarkable engineer and visionary who has dedicated the last 25 years to creating beloved Apple products, meticulously focused on every aspect of enhancing quality, boldness, beauty, and significance. He is truly the right fit for this role.
John deeply understands Apple’s identity, its mission, and its audience, and possesses the integrity and character necessary for remarkable leadership. Tim is proud to announce John as Apple’s next CEO. The company is poised to reach extraordinary heights under his guidance, and everyone will sense his influence in the joy and innovation associated with future products and services. Tim eagerly anticipates the public getting to know John as he has.
This is not a farewell. At this moment of transition, Tim wanted to take the opportunity to express gratitude. Although there is immense appreciation emanating from the company, he wanted to convey his thanks personally. Having grown up in a rural setting during a different era, he considers it a remarkable fortune to have served as the CEO of a world-leading company. He appreciates the trust and kindness shown to him.
Thanks are due for the friendly greetings on the street and at stores. Thanks for the shared excitement when unveiling new products or services. Most importantly, he expresses gratitude for the belief in his ability to lead a company that prioritises its users in every endeavour. Each day, they consider how to enhance lives, and every day, the support they received has made his experience truly exceptional.”