Tim Cook era ends as John Ternus takes over as Apple CEO

US-based technology giant Apple on Tuesday formally ushered in a new leadership era as John Ternus took over as chief executive officer (CEO), succeeding Tim Cook -- who led the world's most valuable technology company for 15 years.

Ternus becomes Apple's CEO effective September 1, marking the end of Cook's tenure that began in August 2011 following the departure of co-founder Steve Jobs.

Cook has moved to the newly created role of executive chairman, where he will focus on engaging with global policymakers and assisting with select company matters.

In addition, Ternus has also joined Apple's board of directors.

Ternus joined Apple's product design team in 2001 and became senior vice president of hardware engineering in 2021. He has overseen hardware engineering across Apple's product portfolio and played a key role in the development of the iPad, AirPods and multiple generations of the iPhone and Mac.

Moreover, his team most recently launched the ultrathin iPhone Air and the new MacBook Neo.

"It has been the greatest privilege of my life to be the CEO of Apple," Cook had said while announcing the transition earlier in April, describing Ternus as having the mind of an engineer, the soul of an innovator and the heart to lead with integrity."

Moreover, the company's market capitalisation has risen from roughly $350 billion when he took over to around $4 trillion, while its annual revenue has grown from about $108 billion in 2011 to more than $400 billion.

Apart from that, Apple's services business has also emerged as a major growth engine under Cook and generated more than $100 billion annually through offerings including the App Store, Apple Music and Apple Pay.

The transition to Ternus comes at a critical juncture for Apple, with artificial intelligence emerging as the biggest strategic challenge for the company.

Ternus will therefore inherit the challenge of accelerating Apple's AI strategy while maintaining the company's ecosystem-driven business model and its enormous installed customer base.