Apple · CNBC Technology
Apple taps John Ternus as CEO to replace Tim Cook, who will become chairman
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Apple said on Monday that John Ternus is succeeding Tim Cook as CEO, with Cook assuming the role of executive chairman on Sept. 1.
Key facts
- Cook graduated from Auburn University in 1982 and received an MBA from Duke University in 1988
- Cook took home $74.6 million in total compensation last year, including a $3 million base salary and millions more in stock awards, according to recent regulatory filings
- It's the first CEO transition for Apple since Cook, now 65, succeeded Steve Jobs at the helm in 2011, shortly before Jobs' death
- Apple's market cap increased by more than 20-fold on Cook's watch, closing on Monday at $4 trillion
Summary
"Cook will continue in his role as CEO through the summer as he works closely with Ternus on a smooth transition," Apple said in a press release. It's the first CEO transition for Apple since Cook, now 65, succeeded Steve Jobs at the helm in 2011, shortly before Jobs' death. "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," Cook said in a statement. Apple also said that Johny Srouji will become chief hardware officer, taking over for Ternus in an expanded role.