Tim Cook Departs as Apple's CEO, Leaving Behind a Transformed Company

Apple's outgoing CEO Tim Cook has bid farewell after leading the company for nearly 15 years, handing over the reins to John Ternus. In his final memo to Apple employees, Cook expressed confidence that John Ternus is the right person to lead the company in its next chapter.

Cook took over as CEO from legendary founder Steve Jobs on August 24, 2011, and during his tenure, Apple shares soared 2,275%. He inherited a company with a market capitalization of less than $350 billion and transformed it into a diverse $4.6 trillion business that sells watches, AirPods, and financial services.

Cook also introduced new products such as the Apple Watch and AirPods, and took the supply chain to great heights. Under his leadership, Apple's stock gained at an impressive rate, accounting for dividends. During his tenure, Apple's shares climbed a whopping 2,736% on a total-return basis.

However, Apple lagged behind competitors like Nvidia and Tesla in terms of stock gains during Cook's tenure. The S&P 500 Index was up 769%, including dividends, while the tech-heavy Nasdaq 100 Index jumped 1,512%. John Ternus will take over as Apple's CEO on September 1.