Tim Cook is stepping down as CEO of Apple after 15 years, effective September 1. He will be succeeded by John Ternus, Apple’s senior vice president of hardware engineering. Cook joined Apple in 1998 and became CEO in 2011, following Steve Jobs. He transformed Apple into an influential company valued at $4 trillion.
Under Cook’s leadership, Apple’s market capitalization grew tenfold, from about $350 billion in 2011 to over $4 trillion today. The company reported $112 billion in net income for the fiscal year ending September 2025, a significant increase over the past decade. Despite challenges like the COVID-19 pandemic, Apple expanded its operations globally, notably adding around 200 stores in China.
Cook also introduced new products. Apple launched the Apple Watch in 2015, which became popular for health tracking. The first AirPods came out in 2016, changing the headphones market. Additionally, he oversaw the release of various iPads and updated the iPhone with new features like Face ID.
Under Cook, Apple developed its services segment, launching Apple Pay, Apple TV+, and Apple Music. These services contributed significantly to the company’s revenue, generating $109 billion in the fiscal year ending September 2025.
Cook led Apple’s shift to its own processors, improving performance and battery life. In 2024, Apple entered the field of artificial intelligence with Apple Intelligence but faced delays in major developments. Cook also announced a $600 billion investment plan for the U.S., focusing on job creation and technology manufacturing, enhancing Apple’s presence in the tech industry.
Test Your Understanding
How much do you know?
