"Cook's departure had been speculated upon in recent months, with Apple being perceived as lagging in AI developments in an era when every other Big Tech company has thrown significant resources and billions of dollars in capital expenditure at developing advanced AI."
"When he took over as CEO, the company's market capitalization was around $350 billion; it is now north of $4 trillion. Some of the projects developed under Cook, such as Apple's self-driving car, failed to gain traction and were ultimately shuttered."
"Ternus has worked for Apple since 2001 and served as senior vice president of hardware engineering for the past several years, reporting directly to Cook with increasing responsibility."
"In a statement, Cook said 'Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.'"
Tim Cook will step down as CEO of Apple on September 1, transitioning to executive chairman. John Ternus, senior vice president of hardware engineering, will succeed him. Cook's tenure saw Apple's market capitalization grow from $350 billion to over $4 trillion, despite some project failures. Cook joined Apple in 1998 and became CEO in 2011 after Steve Jobs. Ternus has been with Apple since 2001 and will also join the board of directors upon becoming CEO.
Read at WIRED
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