Apple announced on Monday that CEO Tim Cook will step down from his role on September 1st, a position he has held since August 2011. Cook will transition to executive chairman, assisting with company matters and engaging with global policymakers, as stated by Apple.
During his tenure as CEO, Cook oversaw the launch of several major products, including the Apple Watch, AirPods, and the new MacBook Neo. He was also instrumental in growing Apple’s Services segment revenue to over $100 billion, making it the company’s second-largest business after the iPhone.
Steve Jobs initially hired Cook in 1998, promoting him to executive vice president of worldwide sales in 2002, and then to COO in 2005. Cook eventually took over as CEO from Jobs in 2011.
Under Cook’s leadership, Apple’s business dramatically expanded, largely due to his supply chain expertise. The company’s market capitalization surged from $350 billion to over $4 trillion by the end of Monday’s trading, a staggering 1,000% increase. Annual revenue quadrupled from $108 billion in 2011 to $416 billion in 2025, with iPhone revenue alone skyrocketing from $47.1 billion to $209.6 billion this year.
The Apple Watch and AirPods became the world’s most popular smartwatch and headphones, respectively, under his guidance. Crucially, Cook spearheaded the company’s shift from Intel chips to its own custom silicon for its Mac line, significantly boosting performance and battery life, a standard competitors are now striving to meet.
These achievements contributed to Apple’s massive stock gains during Cook’s leadership. From August 2011 to Monday, Apple stock climbed 1,886%, far outperforming the S&P 500’s 483% gain.
Jeff Ternus will take over as CEO at a pivotal time for Apple. The company is actively working to enhance its AI capabilities, catching up with rivals like Microsoft and Google. Apple is expected to unveil an updated Siri, powered by Google’s Gemini AI models, at its WWDC conference in June.
The company is also reportedly preparing its most significant iPhone redesign yet: a foldable model expected to debut shortly after Cook steps down in September. Ternus will also be responsible for launching Apple’s rumored smart glasses and any future AI-focused products designed to compete with OpenAI’s planned AI-first device.
