Apple, one of the world’s most valuable companies, is getting a new chief executive.
The Cupertino smartphone maker said Monday that John Ternus, senior vice president of Hardware Engineering, will become Apple’s next chief executive officer on September 1.
Tim Cook, who has served as Apple’s chief executive for roughly 15 years, will become executive chairman of the company’s board of directors, the company said.
The leadership transition marks a new era for Apple, which turned 50 years old in April. The company has revolutionized technology, selling popular consumer electronics ranging from iPhones to smartwatches.
But the company, valued at $4 trillion, has lagged behind as its rivals such as OpenAI, Google, Meta and more move quickly to dominate the artificial intelligence race. It has also had to grapple with tariffs and criticism for manufacturing its products in other countries, such as China and India, during President Trump’s second term.
“These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions. Apple is making a major transition on its AI strategy, and longtime CEO and legendary Cook leaving now is a surprise,” said Dan Ives, an analyst with Wedbush Securities, in a statement.
In a statement, Cook expressed gratitude for his time leading Apple. The 65-year-old succeeded Apple Chief Executive and co-founder Steve Jobs in 2011 after he passed away from pancreatic cancer.
“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 statement. “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.”
Ternus was widely expected to be next in line as chief executive.
In a statement, he said he’s worked at Apple for nearly his entire career, including under Jobs. He described Cook, who will work with him during the transition, as his mentor.
“I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century,” Ternus said in a statement.
In the fiscal year ending in September, Apple reported revenue of $416 billion and a net income of $112 billion. Worldwide, there are more than 2.5 billion active Apple devices.
Apple’s stock was down less than 1% in early after-hours trading, changing hands at around $271 a share.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: latimes.com
