Apple Names John Ternus as New CEO, Tim Cook Moves to Executive Chairman

Cook -- who has led Apple since 2011 -- will transition to the newly created role of executive chairman, where he will engage with global policymakers and assist with select company matters.

Arthur Levinson -- Apple's non-executive chairman for the past 15 years -- will move to the role of lead independent director on the same date.

According to the iPhone maker, Ternus will also join the board of directors effective September 1.

"It has been the greatest privilege of my life to be the CEO of Apple," Cook said in an official statement, praising Ternus as someone with "the mind of an engineer, the soul of an innovator, and the heart to lead with integrity."

Ternus (50) joined Apple's product design team in 2001 and rose through the ranks to become a senior vice president in 2021.

He has overseen hardware engineering across Apple's entire product portfolio, playing a central role in the development of the iPad, AirPods, and multiple generations of iPhone and Mac.

Most recently, his team launched the ultrathin iPhone Air and the new MacBook Neo.

"I am profoundly grateful for this opportunity to carry Apple's mission forward," Ternus said. He also stated that he was 'humbled' to step into the role.

Moreover, under Cook's stewardship, Apple's market capitalisation grew massively from roughly $350 billion to $4 trillion, while annual revenues nearly quadrupled to more than $416 billion.

While the company's services division alone now generates over $100 billion per year.

Earlier, Cook had dismissed speculation about stepping down, calling such reports 'a rumour' and reaffirming his commitment to leading the company. In a conversation on ABC News, Cook said he has no plans to slow down.

"No, I did not say that. I have not said that. That is a rumour going around," he said when asked about reports suggesting he might step back from his role.

- IANS