Apple Announces CEO Succession, Tim Cook Issues Open Letter to Global Apple Users

According to Apple's official announcement, Cook will remain CEO this summer to work with new CEO John Ternus to complete a smooth transition. This handover is Apple's first CEO change in fifteen years since Tim Cook succeeded Steve Jobs in 2011. During Cook's fifteen years at the helm of Apple, the company's market capitalization has grown exponentially, increasing by approximately 24 times. As of the day this news was released, Apple's market capitalization has exceeded $4 trillion.

The following is the full text of the letter:

Tim Cook’s Open Letter to All Apple Users

To every member of the Apple community: For the past fifteen years, I’ve kept a similar routine almost every morning. I open my inbox and read the letters from Apple users around the world that arrived overnight.

You share the small details of your lives with me, and tell me about the ways Apple products have touched your lives: someone used an Apple Watch to save their mother’s life; someone took the perfect selfie on a dangerous peak using an Apple device; many thank Mac for changing the way they work; and occasionally, you tell me directly about your dissatisfaction, complaining about features that aren’t working as expected.

From each letter, I can feel the genuine connection between people. This makes me feel a growing sense of responsibility, and motivates me to work harder and constantly improve. But my deepest feeling is indescribable gratitude – gratitude for being fortunate enough to be the recipient of these letters, and to lead a company that can ignite people’s imaginations and profoundly enrich the lives of countless users. I will cherish this mission and honor all my life.

Today, we are officially announcing a new stage in my Apple career. Over the coming months, I will gradually complete the handover of work, stepping down as CEO in September and becoming Chairman of Apple’s Executive Board. The best job in the world will welcome a new helmsman – John Ternus. He is an exceptionally talented engineer and strategic thinker who has spent twenty-five years developing Apple products and creating countless products that users love. He demands perfection in every detail, and strives to make products more outstanding, bolder, more refined, and more human. He is the perfect person to take on this job.

John deeply believes in Apple’s core values, upholds Apple’s mission, and cares about every user. He is upright, principled, and possesses pure leadership. I am incredibly proud to announce that he will be Apple’s next CEO. Under his leadership, Apple will undoubtedly reach new heights. You will personally feel his dedication in every new product and every new service we bring to you in the future. I sincerely hope you will get to know and trust him as I do.

This is not a farewell. At this moment of transition, I want to thank you all personally. This is not a thank you on behalf of the company – all of Apple’s employees are already full of gratitude for you. This time, it is only from me, Tim. An ordinary person from a small town, born in an ordinary era, who was fortunate enough to lead the world’s greatest company during this precious time.

Thank you for the trust and kindness you have given me; thank you for the friendly greetings you have given me on the street and in Apple stores; thank you for your cheers and support when we release new products and services; and most of all, thank you for always believing in me and letting me lead a company that always puts users first.

We think day after day, just to try to make your life a little better; and day after day, you have made my life the most fulfilling it could be.

Thank you all.