We show you our most important and recent visitors news details Apple CEO Tim Cook steps down, names hardware boss John Ternus as successor in the following article
Hind Al Soulia - Riyadh - NEW YORK — Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a 15-year tenure that saw the company’s market value soar by more than €3.6 trillion during an iPhone-fuelled era of prosperity.
Cook, 65, will turn the CEO duties over to Apple’s head of hardware engineering, John Ternus, onSeptember 1 while remaining involved with the Cupertino, California, company as executive chairman. That is similar to the transitions made by Amazon’s Jeff Bezos and Netflix’s Reed Hastings after they ended their highly successful tenures as CEO.
To allow Cook to assume his new job, Arthur Levinson will relinquish his role as Apple’s non-executive chairman while remaining on its board of directors.
“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. “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.”
Ternus, 50, has been with Apple for the past quarter century, including the past five years overseeing the engineering underlying the iPhone, iPad and Mac — a role that made him a prime candidate to succeed Cook.
“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said in a statement.
Cook and Ternus may have more to say about the changing of the guard on April 30 when Apple is scheduled to release its financial results for the first three months of the year.
The transition to a new CEO comes at a pivotal time for Apple. Artificial intelligence has unleashed the most upheaval within the industry since Jobs unveiled the first iPhone in 2007. Apple has gotten off to a rough start in AI after stumbling in its efforts to deliver new features built on the technology, as promised nearly two years ago.
Earlier this year, Apple finally turned to Google — an early leader in the AI race — for help making the iPhone’s virtual assistant Siri into a more conversational and versatile helper.
“Cook created a major legacy at Apple but it was ultimately time to pass the torch to Ternus with the AI strategy now the focus,” Wedbush Securities analyst Dan Ives said.
Although he never shook the perception that he lacked Jobs’ vision, Cook leveraged the popularity of the iPhone and other breakthroughs orchestrated by his predecessor to lift Apple to heights that seemed unfathomable when it was on the brink of bankruptcy during the mid-1990s.
Not long after Cook took over, Apple became the first publicly traded company to be valued at $1 trillion, then became the first to be valued at $2 trillion and $3 trillion, too.
But after Apple’s slow start in AI, chipmaker Nvidia rode the feverish demand for its processors that power that technology to be the first company to reach the $4 trillion (€3.68trn) threshold and then the first to break through the $5 trillion (€4.60trn) barrier, too.
Apple is currently valued at $4 trillion (€3.68trn), up from $350 billion (€322bn) when Tim Cook took over in August 2011, shortly before Jobs died after a long bout with cancer.
“Steve Jobs was never going to be an easy act to follow, yet Tim Cook took Jobs’ legacy and transformed Apple into a durable, resilient financial powerhouse,” said Forrester Research analyst Dipanjan Chatterjee.
Besides guiding Apple to a phenomenal run of financial success, Cook also made his mark in an October 2014 essay acknowledging his homosexuality – a disclosure by the leader of a renowned company that was hailed as a breakthrough for the gay rights movement.
Before his death, Jobs spent time grooming Cook to be his successor – a move that reflected the Apple co-founder’s respect and admiration for an executive that he hired in 1998 to oversee the company’s supply chain.
Cook, an Alabama native who previously worked at Compaq Computer and Apple’s former nemesis, IBM, masterminded the intricacies of an international supply chain that plumbed the cheaper labour and efficiency of China’s manufacturing plants. It has played an instrumental role in the production of the Mac computers, iPods, iPhones, iPads and other products. — Agencies
These were the details of the news Apple CEO Tim Cook steps down, names hardware boss John Ternus as successor for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
