Cook, 65, will be replaced by John Ternus, 50, who has been the head of hardware engineering at the Cupertino, California-based company since 2021 and has spent over 25 years at the company focused on product development.
Under Cook, who took charge of Apple in 2011, just a few months before the death of Steve Jobs, Apple has seen significant growth towards feature among the most valuable companies in the world. This has also come with new product launches, growth in its product and user base, along with strong sales growth as well.
Apple Under Cook
At the end of fiscal year 2011, Apple had sales of $108.25 billion. For the year that ended on September 27 last year, Apple’s sales had nearly quadrupled to $416.1 billion.
During Cook’s tenure, Apple’s market capitalization has seen a 20-fold jump, jumping from $376 billion at the end of 2011, to just over $4 trillion as of closing on Monday, April 20.
Currently, Apple ranks second in the list of most valued companies, only behind Nvidia, who has seen a meteoric rise over the last four years, even touching $5 trillion in market cap at one point.
The Big Hits
During the 15-year tenure of Cook at the helm of affairs, Apple introduced larger iPhones, multiple new iPads, along with services like Apple Music and Apple TV.
Today, Apple boasts of an active installed base of over 2.5 billion devices.
It is said that the incoming CEO has been leading the company’s push for the new AI-focused wearables and new home devices, including new AirPods, smart glasses and a pendant with cameras.
Other products in the works include a display with facial recognition, a tabletop robot and a security camera.
The Big Flops
Cook’s tenure was also marked by multiple initiatives that Apple undertook, which failed to see the desired outcome. This includes the Vision Pro headset and a failed attempt to build a self-driving car.
As per reports, the production of the first-generation (M2) Vision Pro headset was stopped in early-2026 due to weak demand and high inventory.
In February 2024, Apple also abandoned its decade-long “Project Titan”, which was to build an electric, self-driving car, and shift its focus toward generative AI. The company had spent over $10 billion during this project, while some reports also estimate the figure to be between $15 billion to $20 billion.
Apple has also faced worries with regards to falling behind in the AI race, with OpenAI, Anthropic, Alphabet, launching ground-breaking products, but the iPhone manufacturer has largely remained on the sidelines.
“Today, we have a truly extraordinary road map, and I have never been more optimistic about Apple’s future,” Cook told employees. “That is why I have decided that now is the right time for me to transition to a new role of executive chairman.”
stock performance
Shares of Apple, adjusted for multiple stock splits, traded at just under $15 when Cook took charge in 2011. As of Monday’s closing, the price stood at $273, a jump of nearly 20x from the 2011 levels.
Under cook, Apple carried out a seven-for-one stock split in 2014 and a four-for-one split in 2020.
