Tim Cook Steps Down as Apple CEO, Hands Reins to Ternus

Tim Cook is done running Apple. The CEO told employees at an all-hands meeting that he's stepping down later this year, framing the move as a carefully timed handoff rather than a sudden exit.

Cook pointed to three reasons for the timing: Apple's financials are strong, the product pipeline is what he called "incredible," and his successor — John Ternus — is ready. That's the pitch for why now, not later.

Ternus, who has led Apple's hardware engineering division, will take over as CEO. Cook made it clear this isn't a crisis move. It's a planned transition designed to be the smoothest in Apple's history.

For a company that's only had three CEOs in nearly five decades, leadership changes are seismic events. Cook is betting this one won't be.