Cook Steps Down as Apple CEO, Ternus Takes the Reins Amid AI Innovation Challenges

After nearly two decades as Apple's CEO, Tim Cook is stepping down and handing over the reins to John Ternus, the company's hardware chief. This transition marks a significant milestone in the tech giant's history, with Cook leaving behind a legacy of transforming Apple into a $4.5 trillion behemoth from its humble beginnings under Steve Jobs.

Cook took over as CEO in 2011 and made it his mission to build on Jobs' vision, rather than trying to replicate it. Under his leadership, the company's supply chain became the envy of manufacturers worldwide, with Apple using this operational expertise to make its cutting-edge products more accessible to the masses.

This shift in focus enabled Apple to turn its massive user base, over 2.5 billion iPhone users, into a recurring revenue stream, outpacing growth in its hardware business in recent years. The company's annual sales rose from $108 billion at the start of Cook's tenure to $416 billion in the last fiscal year, with profits increasing more than fourfold to $112 billion.