Tim Cook stepped down as Apple CEO after nearly three decades with the company, handing leadership to John Ternus on September 1. Cook will continue at Apple as executive chairman.
In a final memo to employees, Cook reflected on his years at the company and credited Apple's staff for its achievements. He described leading Apple as the ‘privilege of a lifetime’ and praised employees for their work and commitment.
Cook joined Apple in 1998 after being hired by co-founder Steve Jobs. He became chief operating officer in 2005, where he built a strong reputation for managing the company's supply chain.
Cook became CEO in 2011, taking over only weeks before Jobs died from pancreatic cancer. During his tenure, Apple grew into one of the world's most valuable companies, and its market value crossed USD 4.5 trillion on Monday.
In his farewell message, Cook also referred to Jobs' vision of making a lasting impact. He said Apple had helped its people leave their ‘dent in the universe.’
John Ternus now becomes only the second CEO to lead Apple after Jobs. He joined the company in 2001 as part of its design team and later became senior vice president of hardware engineering.
Ternus takes charge as Apple faces several major challenges. The company is dealing with tight supplies of advanced computing chips as demand rises. It is also under pressure to strengthen its position in artificial intelligence.
Apple is also navigating a difficult political environment in Washington. Ternus will have little time to settle into the role before the company's annual iPhone event on September 9.
Apple is expected to unveil its first foldable iPhone at the event, adding an early test for its new chief executive.
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