Cook Hands Over Apple Reins to Ternus Amid AI Challenges
Apple's CEO Tim Cook has announced that he will be stepping down as CEO and taking on the role of executive chairman. He will pass the baton to John Ternus, Apple's hardware chief, who will lead the company in its next phase of growth.
Cook has been instrumental in transforming Apple from a $350 billion company into a $4.5 trillion behemoth over his 15-year tenure as CEO. He focused on making Apple's supply chain the envy of every manufacturer and turned the iPhone user base into a recurring revenue machine, resulting in annual sales growth from $108 billion to $416 billion.
Critics have accused Apple of losing its innovation edge during Cook's tenure, particularly in AI features. Apple has struggled with delays in revamping Siri and has seen disappointing sales of its Vision Pro augmented-reality headset, priced at $3,499.