🗞Apple's boss, Tim Cook, is set to exit the CEO role at the start of September, with John Ternus, who has been in charge of physical products from iPhones to Macs, stepping in according to a press release dropped on Monday.
Even though John Ternus was seen as the frontrunner to succeed Tim Cook, who at 65 will transition to executive chairman of the board, this handover wasn’t anticipated to happen so swiftly.
Joining Apple in 1998, Tim Cook was appointed CEO in August 2011, following the departure of the iconic Steve Jobs, who was gravely affected by pancreatic cancer and passed away a few weeks later.
Less charismatic than his predecessor, this Alabama-born engineer has proven to be an exceptional business captain, steering Apple towards relentless growth.
Between 2011 and 2025, the Cupertino-based company has nearly quadrupled its revenue (+260%) and witnessed its market cap multiply by over thirteen, now exceeding $4 trillion, making it the third largest in the world.
While critics have pointed out that the Cook-led Apple hasn't launched any game-changing products like the iPod or iPhone under Steve Jobs, the silver-haired chief has notably pushed for the development of services.
This sector, which includes the App Store, music streaming platforms (Apple Music), video streaming (Apple TV), and remote data storage (iCloud), has become the primary growth engine for the company.
On the flip side, Tim Cook and his team missed the generative artificial intelligence (AI) pivot, which was highlighted by the arrival of ChatGPT in November 2022.
Since then, Apple has been chasing the major players in the industry, yet has not fully integrated the new AI capabilities into its flagship product, the iPhone, which is still awaiting a new version of the Siri assistant.
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