Apple’s longest-serving chief executive of the 21st century, Tim Cook, stepped down from his post Tuesday to be replaced by John Ternus, the company’s former head of hardware.

Cook is not leaving the company, instead moving to a new role as executive chair. In a memo sent to staff and reported by magazine 9to5Mac, Cook said that he “will miss this work in ways I can only begin to imagine, even as I remain completely at peace with my decision”.

Cook also praised his successor, describing him as “brilliant and wonderful and capable”, adding that he takes “enormous comfort” in knowing that Ternus is taking over.

Cook took over the role of chief executive following co-founder Steve Jobs’s death in 2011. He had been in post ever since, during which time he oversaw the launch of some of the company’s most successful products including the AirPods and Apple Watch.

He also presided over significant share growth, with the company’s value increasing around 2,200% in the fifteen years he has been in charge. In 2018, Apple became the world’s first trillion-dollar company.

Cook’s success was reflected in his pay packet, with his total compensation exceeding $74 million in 2025, according to the Guardian. In his new role as executive chair, Cook will receive a base salary of $2 million, with a performance-related share package worth up to $45 million.

Ternus will earn less than his predecessor, at least initially, with a base pay of $3 million and a share award worth up to $55 million.

---