Tim Cook steps down as Apple CEO: What he leaves behind?

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Tim Cook steps down as Apple CEO

Leadership transition at Apple

On April 20, Apple announced on its website that Tim Cook will step down as CEO on September 1, 2026. He will be replaced by John Ternus, Apple’s senior vice president of Hardware Engineering, who has been with the company for over 20 years. Cook is not leaving Apple entirely and will become executive chairman of the board, continuing to be involved in strategic decisions.

The transition was planned in advance and unanimously approved by the board of directors. Until the fall, Cook will work closely with Ternus to ensure a smooth handover. The new CEO will also join Apple’s board.

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John Ternus joined Apple in 2001 and has worked on key products including the iPhone, Mac, and iPad. Since 2021, he has been part of the executive team and oversees all hardware engineering. His team has been behind recent iPhone generations and the transition of Macs to Apple Silicon.

Growth without revolutions

Tim Cook joined Apple in 1998 and became CEO in 2011 after Steve Jobs. During his tenure, Apple grew from a market capitalization of about $350 billion to over $4 trillion. Annual revenue nearly quadrupled, rising from $108 billion in 2011 to more than $416 billion in 2025.

Market capitalization of the largest companies. Source: Companies Market Cap

Under Cook, Apple did not deliver radical product revolutions but steadily expanded its lineup. This period saw the launch of Apple Watch, AirPods, and the Vision Pro headset, while services such as iCloud, Apple Pay, and Apple Music grew into a business generating over $100 billion annually. The company also transitioned to its own Apple Silicon chips, reducing dependence on external suppliers.

Cook’s approach differed significantly from Jobs. He did not try to replicate his style or rely on rare “breakthroughs.” Instead, Apple focused on scaling existing products and gradually improving them. One clear example is the iPhone, which became larger with each generation, unlike the compact design philosophy under Jobs.

AI over crypto

Tim Cook did not ignore emerging technologies, but he chose areas he considered more predictable. Apple invested heavily in AR and VR, developed the ARKit platform, and eventually launched the Vision Pro headset. As early as 2022, Cook publicly stated that he saw strong potential in the metaverse and did not want Apple to miss the opportunity.

At the same time, the company increased investments in AI and software across its ecosystem. Apple avoided loud announcements but steadily strengthened its position in machine learning, integrating AI into its products and services. This became one of the company’s key strategic directions.

Against this backdrop, cryptocurrencies remained an exception. Cook confirmed that he personally owns Bitcoin and Ethereum as part of his investment portfolio, but consistently emphasized that this was a personal decision. Apple itself did not invest in digital assets, despite holding around $200 billion in cash, and never made crypto part of its corporate strategy.

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Even under pressure from the industry, that stance did not change. Strategy founder Michael Saylor publicly urged Apple to add Bitcoin to its balance sheet, arguing that share buybacks were less effective and BTC had greater upside potential. Apple ignored the proposal and continued to focus on AI, hardware, and its ecosystem instead of entering the crypto market.

After Cook

By the time Cook steps down, Apple is a global company operating in more than 200 countries, running over 500 retail stores, and maintaining an installed base of more than 2.5 billion devices.

Cook built Apple into a highly stable corporation with strong control over its core technologies. The shift to in-house chips, the growth of services, and the expansion of product lines made the company less dependent on external factors. At the same time, Apple maintained a conservative stance toward risky assets and new financial instruments.

Technologically, Apple under Cook focused on AI, devices, and its ecosystem, while avoiding direct exposure to the crypto market. Despite the CEO’s personal interest in digital assets, the company never shifted its strategy or used cryptocurrencies at a corporate level.

This approach now passes to John Ternus. Coming from an engineering background, he has long been responsible for key Apple products. The question now is whether Apple under new leadership will reconsider its stance on cryptocurrencies or fully commit to its current strategy.

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