Apple CEO Tim Cook gives nod to founder Steve Jobs in final memo
Tim Cook has officially stepped down as Apple CEO, transitioning to the role of executive chairman after nearly three decades with the company. John Ternus has assumed the CEO position as Apple prepares for its upcoming iPhone event.
Why it matters
This is a major leadership transition for the world's most valuable company, occurring during a period of significant technological and geopolitical challenges.
Apple's chief executive Tim Cook bid farewell to the tech giant on Monday, paying tribute to founder Steve Jobs and praising staff as "extraordinary," as he passed the baton to incoming CEO John Ternus.
Cook spent nearly three decades at Apple, which he has led as CEO since 2011. He took over just weeks before Jobs died from pancreatic cancer.
"We have made it possible to leave our 'dent in the universe,' as Steve once described it," Cook wrote in the memo on his last day on the job.
Jobs hired Cook in 1998, and by 2005, Cook was promoted to chief operating officer and cemented his reputation as a savvy supply chain manager.
Under Cook, Apple has become one of the most valuable companies in the world; its market value exceeded $4.5 trillion on Monday.
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