Tim Cook, age 65, just named the date of his retirement … sorta. The Apple CEO is stepping back to become “executive chairman,” the company announced Monday.
Surprising exactly no one who was paying attention, the company also announced the name of the executive who will take the CEO role starting this fall: John Ternus, Senior Vice President of Hardware Engineering.
The transition from the Cook era to the Ternus era was approved unanimously by the Apple board, the announcement said.
“I love Apple with all of my being,” Cook said in the announcement. “John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor. He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future.”
Cook sought to assure investors that he’d still be involved, as the $3 trillion company makes its first CEO transition since Steve Jobs bowed out prior to his death in 2011.
“I look forward to working closely with [Ternus] on this transition and in my new role as executive chairman,” Cook wrote.
This is a developing story — check back soon for more details.
