Tim Cook stepping down as Apple CEO, John Ternus to take over: 'Right time to transition'

While Cook is stepping down from the key role he will still be part of Apple as executive chairman. In his memo sent to employees announcing the move, Cook said he felt it was the “right time” to make the transition.

Tim Cook joined Apple in 1998 and became CEO in 2011, holding the key post for over 15 years. His transition to the role of an executive chairman is similar to moves made by Amazon’s Jeff Bezos and Netflix’s Reed Hastings after they ended their tenures as CEO.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” 65-year-old Tim Cook reportedly said in a statement. “I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people.”

Also Read: Is John Ternus married? What we know on new Apple CEO’s family as Tim Cook gets new role

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” 50-year-old Ternus said in a statement.

While Ternus is set to take over the CEO duties from Tim Cook in September, he told Apple employees in a memo that he would be stepping away from his existing role immediately, handing the reins to Tom Marieb.

“I will have more to say when I see you in person. For now, let me simply say thank you for everything you’ve done — and for everything I know you will do. We have such important work ahead of us, and I can’t imagine a more capable team,” John Ternus said in the memo, according to a Bloomberg report.