NEW YORK: Apple Inc chief executive officer (CEO) Tim Cook will hand the reins to hardware boss John Ternus later this year, capping a 15-year tenure that turned the company into a US$4 trillion business spanning watches, video streaming and financial services.
Ternus will become CEO on Sept 1, when Cook will transition to executive chairman, the company said in a statement on Monday.
Ternus, 50, has served as head of hardware engineering since 2021 and spent 25 years focused on product development at the iPhone maker. Bloomberg News previously reported that Ternus was Cook’s heir apparent.
Ternus’ hardware engineering division will be taken over by longtime deputy Tom Marieb, according to a person with knowledge of the matter.
He will report to newly named chief hardware officer Johny Srouji. In that role, Srouji is gaining oversight of a newly combined hardware engineering and hardware technologies group.
Ternus is tasked with charting the path for one of Silicon Valley’s most storied businesses at a challenging moment.
Though Apple’s growth remains strong, the company has struggled to catch up in artificial intelligence, technology that promises to transform the way consumers use devices.
“John is the right leader to help us innovate into the future, to help us break new ground on big ideas and bold new pathways, and to ensure that the values that have made us so successful and so admired for the past 50 years will remain the core of our identity and our culture in the decades to come,” Cook told employees in a memo.
In the new executive chairman role, Cook will be engaging with policymakers around the world, Apple said.
The 65-year-old CEO already oversees Apple’s relationship with US President Donald Trump.
As part of the transition, longtime chairman Art Levinson will become lead independent director.
When he steps down as CEO later this year, Cook will have served a record 15 years in the position. — Bloomberg
