Cook will transition to the role of Executive Chairman of the Board, while Arthur Levinson, who has served as Chairman for 15 years, will become Lead Independent Director.
John Ternus, currently 51 years old, will take over as the new CEO.
Cook first joined Apple in 1998 after spending 12 years at IBM. He previously led Apple during periods when Jobs stepped back in 2004, 2009, and 2011.
Under Cook’s leadership, Apple grew into a company valued at $4 trillion. He also expanded the company’s services division, Apple Services, which generates over $100 billion annually.
He strongly supported the development of wearable technology such as the Apple Watch, which captured nearly 25% of the global smartwatch market last year.
However, one of the products that fell short of expectations was the Apple Vision Pro, priced at $3,500. The device faced challenges due to its bulkiness and limited app ecosystem, making it less practical for widespread use.
Due to low demand and excess inventory, Apple reduced production just months after its release.
Ternus, Cook’s successor, graduated from university in 1997 and joined Apple in 2001. He rose through the ranks to become Vice President in 2013 and Senior Vice President in 2021.
He has overseen the launch of major products, including the iPhone 17 lineup, and has pledged to uphold Apple’s core values established over the past 50 years.
