Tim Cook Steps Down as Apple CEO, Ternus Takes Over — SkimNews
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- Tim Cook stepped down as Apple CEO on Tuesday after 15 years, handing the reins to John Ternus.
- Apple's stock surged 2,272% under Cook — from $13.35 in August 2011 to $316.61 at Monday's close, easily outpacing major indexes.
- Apple's market cap swelled from $347 billion to $4.7 trillion, a gain Bank of America calculated at roughly $32 million per hour over 15 years.
- Cook reshaped the company from a product-cycle device maker into a recurring-revenue juggernaut, with services (App Store fees, iCloud, Apple TV+, Apple Music, Apple Pay, Apple News+) generating $30.7 billion last quarter, up 12% year-over-year.
- Apple now counts more than 1.5 billion paid subscriptions across its platforms, per its July 30 investor call.
- Steve Jobs still holds the bigger stock-growth record from his 1997 stewardship — even Cook's 2,272% can't top it.
Why it matters: Ternus inherits an Apple Cook transformed from a device maker into a services juggernaut — $30.7 billion in quarterly services revenue and 1.5 billion paid subscriptions — but the article flags genuine uncertainty around how Apple navigates the AI era, its toughest competitive test since 2011.
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