Tim Cook's last day as Apple CEO is Monday, Aug. 31, closing out 15 years in the role. Hardware chief John Ternus takes over as CEO next week. Under Cook, Apple's market value climbed from near bankruptcy to $4.6 trillion, even as the company now faces questions over its artificial-intelligence strategy.
Monday marks the end of an era at Apple, with Cook stepping down as CEO after 15 years in the role. The company he built passes next week to Apple's hardware chief, John Ternus.
From clearing warehouses to a $4.6 trillion company
Cook joined Apple in 1998, leaving his vice president role at Compaq to help a nearly bankrupt company. He immediately went to work clearing warehouses of unsold inventory and trimming Apple's list of suppliers, the start of 28 years at the company, 15 of them as CEO.
Under his tenure, Apple became the first company to cross $1 trillion in market value, then $2 trillion and $3 trillion. Since Cook took over, Apple shares have rallied over 2,200%, the company has sold over 3 billion iPhones, and it has returned nearly $900 billion to shareholders through stock buybacks. Apple is now worth $4.6 trillion, up from the brink of bankruptcy when Cook joined the company in 1998.
AI strategy remains an open question
But Cook's demand forecasting and supply-chain work has hit a wall with one technological development: artificial intelligence. Apple introduced an AI-powered overhaul for Siri in 2024, and the rollout was plagued by repeated delays. Competitors including Meta Platforms have since poached members of Apple's AI research team.
An agentic version of Siri is due on Apple devices this September, partly powered by Google's Gemini model alongside Apple's own Foundation Models — a departure from Apple's practice of owning its core technology rather than licensing it. Cook defended the approach in an all-hands meeting last year, noting Apple has rarely been first to roll out new technology, as investors weigh whether its cautious approach to AI spending is prudent or a missed opportunity.
Cook leaves the verdict on his legacy to others
Asked how he wants to be remembered, Cook said on CBS earlier this month: "I hope that people say I was a good and decent man", adding that other people ultimately describe a leader's legacy.
Cook also leaves behind a record of supply-chain deals. For the 2005 launch of the iPod Nano, he prepaid $1.25 billion to memory providers including Samsung and Intel. He has also pledged to invest $600 billion in Apple's U.S. supply chain. Ternus takes over next week.
Sources: CNBC, MarketWatch.com
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