‘My gratitude is endless, and I’m excited for the next chapter’: Tim Cook hails Apple employees in final memo as CEO

Tim Cook has served his last day as CEO of Apple, 15 years after taking over from Steve Jobs and months after announcing his planned departure.

Cook hands the reins to John Ternus, SVP for hardware engineering, who faces his first Apple product announcements in just over a week on 9 September — including a rumoured folding iPhone.

His biggest challenge won't be simple product reveals, as Cook earlier this year warned of looming price rises amid component costs skyrocketing thanks to AI-driven data centre buildouts.

Yesterday, Cook posted in a social media message that he was "sending lots of love to the Apple community."

"My title changes tomorrow, but the love I have for the Apple community never will," Cook wrote. "Thank you for being a constant source of inspiration. My gratitude is endless, and I’m excited for the next chapter!"

In a memo to staff, Cook acknowledged that it was still hard to believe he was departing Apple, pinning his own success on the company's employees.

"The truth is, whatever there is to say about my success, I know it is all because of you," he wrote in the memo, according to reports.

"You have brought out the best in me. In all my life, I have never seen or been with such an extraordinary team of people before, and every day I get to see more examples of that."

Successful leadership

Many will point to Cook's financial successes as CEO over the last 15 years. Apple's market capitalization stood at $347bn when he took over and $4.6 trillion as he departs, with the share price up 2,275%.

Cook's tenure also saw the launch of the AirPods and Apple Watch ranges, as well as hurdles such as the pandemic and American tariffs.

David Yoffie, a professor at Harvard Business School, told CNN that Cook "managed to scale the iPhone to a level that no one would have thought was likely or possible over that period of time."

However Cook said he was "most proud of what an annual report could never capture."

"This place is proof that culture triumphs over everything," Cook added. "We share a belief that what we build matters, and that we have both the opportunity and the responsibility to leave the world better than we found it."

What's next for Tim Cook?

Cook's departure as CEO naturally has many wondering what's next for Apple, although hardware expert Ternus has been with the company since 2001 and is widely deemed as a safe pair of hands. Cook called him "brilliant and wonderful and capable".

"Few people understand what it takes to build products that change the world the way John does and I could not be more excited for his leadership," Cook added.

Cook isn’t leaving Apple completely, however. He’s merely stepping down as CEO and taking on the role of executive chairman of the company board, in which he’ll still have a hand in long-term strategy.

Yesterday also saw the partial departure of Phil Schiller, a long-time Apple exec who will stay on as an Apple Fellow but no longer lead the App Store and Apple events divisions.

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