Tim Cook Will Step Down as Apple C.E.O.

Source: NY Times

Tim Cook, Apple’s chief executive, said on Monday that he would step down after nearly 15 years running an operation that rode the wild popularity of the iPhone to become one of the most influential and valuable companies in the world.

Mr. Cook, 65, will move into a new role as Apple’s executive chairman in September and be succeeded in the company’s corner office by John Ternus, the 50-year-old head of Apple’s hardware engineering.

The retirement of Mr. Cook will end one of the most successful management runs in the history of American business. During his tenure, Apple’s annual profit quadrupled to more than $110 billion, while its value ballooned more than tenfold to $4 trillion.

Mr. Cook replaced the Apple co-founder Steve Jobs shortly before Mr. Jobs’s death in 2011, having earned a reputation for perfecting the nuts and bolts of a global consumer electronics business. Apple has since defined how a modern technology company operates, with products assembled in a supply chain that stretches from the giant operations that Mr. Cook helped create in China to India and Brazil and a popular retail business that operates on five continents.

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